There are many extensive industry classification systems. These systems have immense value, yet are faced with many challenges. One of the greatest challenges is the fact that it can be arbitrary in some cases. For example, would we classify a company producing “agriculture equipment” under “agriculture” or “equipment”? Also, the classification is for what purpose? Is it for statistical study of economic activity? Is it for industry analysis within the stock market?
At KMatters, we have developed a new classification system for industries (IndustryMap™), that works both intuitively with human needs and business needs, and can lend itself to be used as part of Artificial Intelligence Classification systems.
Human Needs
Modern Life is very complicated. Many types of companies, jobs and businesses. However, there are some very basic needs that are always there. These needs are such as food, raw materials, processed materials, transportation, services, among others. When we think of it this way, there can be a structure within this complexity.
Business Needs
Businesses and industries do not exist in vacuum. A company can be a supplier or customers of goods and services. Therefore it is important to know where is the business or the industry within the supply chain.
AI Capability
There are millions of companies on the internet. It is just impossible to classify these industries manually. That’s why IndustryMap™ is built with the AI implementation in mind.
For The results of the classification system, check our platform B2WEB.