Icon depicting industry classification
Data Attribute Prorile

Industry Classification

Overview

Industry classification is a pervasive challenge for financial institutions that serve small businesses. For far too long, industry classification products have yielded high inaccuracy rates, classifications too general for effective risk evaluation, and categorizations that don’t extend to modern business models.

Enigma outperforms incumbent providers in accurately identifying the correct industries and sub-industries for small businesses. Our industry classification covers contemporary business models, such as hybrid online and brick-and-mortar companies, while providing details about how a business operates.

How to use this data

Knowing a company’s business model is essential for effective credit risk evaluation. Industry classification contextualizes all other information about a company. Deeper granularity about how a company makes money is crucial, especially given the economic realities of COVID-19. Financial institutions need to know more than whether a business is a retail store; they need to know what type of retail, whether that business operates online, in physical locations, or both.

Sample API output

{

    "detailed_industry": [

        {

            "enigma_industry": "Construction and Engineering",

            "sector": "Industrials",

            "industry_group": "Capital Goods",

            "industry": "Construction and Engineering",

            "sub_industry": Construction and Engineering,

            "naics_code": 23,

            "gics_code": 20103010

        }

    ]

}

Dataset details

Category
Details
Key Fields
Enigma Industry, GICS Code, NAICS Code
Sources
Online sources
Data Derivation Method
Enigma’s data science techniques mimic humans’ research processes when investigating a business. We use online sources and train customized NLP models to detect key sources and phrases that indicate a business’s primary revenue generating activities.
Refresh Rate
New businesses are added every month, while existing classifications are refreshed every six months.
Beta Coverage
As of mid-May, our coverage extends to about 30% of U.S. businesses.
Planned Coverage and Roadmap
By June 2020, our coverage will include 80% of U.S. businesses.
Pricing
$0.24 per call. Get in touch to request a free demo/trial of the attribute.
Business Closures, WARN Act Notifications, Bankruptcies

Industry is the cornerstone of SMB data because it helps put in context everything else you know about a business. Almost any attribute - size, revenue, online presence, etc - is impacted by the industry a business is in.

Profile image - Jordan Rodriguez

Jordan Dominguez

Product Manager