Industry Classification

Industry classification, the process of categorizing businesses or products into standardized frameworks like ISIC or HS codes, is crucial for economic analysis, regulatory compliance, and efficient resource allocation. Current research heavily utilizes large language models (LLMs), particularly focusing on prompt tuning and embedding techniques, to automate this process, improving accuracy and efficiency over traditional manual methods or simpler machine learning approaches. These advancements are significantly impacting various sectors, from international trade and e-commerce to investment strategies and sustainable development initiatives, by enabling more accurate and timely data analysis and knowledge management. The ongoing focus is on enhancing robustness against incomplete or noisy data and adapting these powerful models to specific industry needs and taxonomies.