Before Industry classification was established different branches of the United States government had their own method to analyze a business in which other agencies did not use. It was difficult to share any kind of data with other agencies as they had their own methods. The need increased in the 1930’s to develop a standard method in which all agreed to be able to use.
The United States created the Standard Industrial Classification (SIC) numeric code system in which uses a top down format that starts with the general characteristics up to the specific. The first two digits are specific to the type of industry such as Agricultural, Fishing, and Mining. The next digits refer to the sub classification of such business group. For example, if we are classifying a company that is in the Dairy business, they would be given a code that the first two digits indicate that they are specifically in the business of Dairy. Then the third digit would specify that they are either in t...
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...ISIC), 2013) .
In conclusion the development of the Standard Industrial Classification created a method to record data in which categorized each business to an industry and then the industry is measureable to the economy. Government agencies are able to use this data to measure the industries being developed as well to ensure all meet their standard policies and goals. It is also used to determine the economy of the cities, states and nation as any change or trend will change the supply and demand hence; changing the economy. The government agencies uses this data for strategic planning in their respective branches as well as business uses this data for their strategic planning in the business purposes. The result of this system has created a manageable system that assists in making what we have today as a well organized industrial and economic system worldwide.
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