NAICS Code (North American Industry Classification System)

• What it is: A standardized classification system used to categorize businesses by industry in the United States, Canada, and Mexico.

• Why it's needed: To organize and analyze economic data, support government contracting, and help businesses identify their industry.

• Where it's used: Government registrations (like SAM.gov), federal contracts, market research, and business licensing.

SIC Code (Standard Industrial Classification)

• What it is: An older system for classifying industries by a four-digit code, mainly used before NAICS was introduced.

• Why it's needed: Some industries, databases, and regulatory agencies still use SIC codes for legacy reasons.

• Where it's used: Business credit reports, insurance, older government systems, and some regulatory filings.

PSC Code (Product and Service Code)

• What it is: A code system that classifies the products, services, and research and development activities purchased by the U.S. federal government.

• Why it's needed: To identify what the government buys, manage procurement, and facilitate government contracting.

• Where it's used: Federal contracting (such as GSA schedules), procurement databases (like FPDS), and bid matching services.