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Jun 27, 2024

Instantly classify a business’s industry with confidence

Julia Li

We initially launched our Industry Classification product in 2019 to help our customers stay in compliance, reduce their exposure to risk, and free up time spent on manual processes. Our customer use cases vary, ranging from identifying businesses that fall into prohibited industries at the top of their funnel to conducting ongoing due diligence to minimize potential fraud.

We’ve heard great feedback from our customers to-date, but a lot has changed in the past couple years. So today, we’re excited to announce a significantly more powerful Industry Classification product.

Product highlights

  • We can classify >90% of businesses. We leverage data sources such as a business’s website and other associated web presence (e.g., online reviews). You only need to provide us with two inputs — a business’s name and address.
  • We can classify at >90% accuracy. We have trained our model on verified accurate classifications and believe iterative fine-tuning with fresh data is critical.
  • We can classify in a matter of seconds. We have improved response time significantly because we know every second here counts.
  • We can classify using multiple classification systems. We support identification of prohibited industries, North American Industry Classification System (NAICS) codes, Standard Industrial Classification (SIC) codes, and now Merchant Category Codes (MCC) as well — all at their most granular levels.

If you’re a new customer interested in learning more about how Middesk’s Industry Classification product can help with your use case(s), please contact our sales team.

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