Artesian Solutions Announces New Features to Tackle Flawed SIC Code System
Company Buzzwords and Artesian Business Categories - two new intuitive features for advanced new business prospecting 8th October 2019: Artesian Solutions, the powerful AI-powered technology for commercial teams, today announced the launch of two exciting new features that add additional functionality to its market leading prospecting tools. Company Buzzwords and Artesian Business Categories (ABCs), are both highly intuitive new search features for new business teams to be extremely specific when identifying potential target accounts. They offer a powerful alternative to the fundamentally flawed Standard Industrial Classification (SIC) code UK company search system typically used by sales, marketing and commercial teams.
The SIC code system of categorising a company’s primary activities was first introduced in the UK in 1948 and although it has since been revised, the most recent update was back in 2007. It is widely criticised for excluding categories to cover the latest sectors and for mis-representing the activities of many businesses. For example, Google UK Ltd is listed on Companies House as “82990 - Other business support service activities not elsewhere classified” (a generic category for companies struggling to identify a suitable alternative).
Company Buzzwords help Artesian users search by finding companies that use specific words or phrases on their websites (to describe themselves or their industry), such as Blockchain or Craft Beer – keywords that wouldn’t appear within traditional SIC codes.
For users who still rely on SIC codes to identify target companies, Artesian Business Categories serve to simplify the process of finding the correct SIC code(s) by creating new categories and synonyms that link to existing SIC codes. For example "Drink Production" could be used as a synonym for the "Manufacture of Beverages" SIC code. Using the word 'Drink' as the basis for the search means users also see results for related industries, such as "Drink Retail" and "Drink Wholesale".
Speaking about the addition of these two new features to its existing Prospector functionality, Richard Clark Artesian’s VP of Product Management commented:
“The current SIC code system, whilst being an established industry standard in the UK, needs significantly redefining. The market has changed dramatically since they were last reclassified in 2007 and many modern industries are poorly represented. This wasn’t just something we noticed, but something our customers regularly told us too.”
“As a business, we constantly aim to exceed customer expectations, so in response to their feedback, we not only improved the way they use SIC codes (with Artesian Business Categories), but also created a whole new way of finding companies in niche or highly specialised industries. These two new features will help our users get hyper-specific when searching for companies using Artesian’s prospecting tools, thereby enabling them to uncover new opportunities that may otherwise have been missed, and keeping them one step ahead of the competition.”
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