Traditional industry and occupational classification systems in business and economics, such as SIC, NAICS, GICS, and SOC, have been built on rigid hierarchical structures.
By contrast, nothing is rigid in the Functional Classification System (FCS), Locus’s new multifaceted economic classification system.
Based on the Locus Model, FCS assigns economic entities a barcode, with each field in the barcode corresponding to a specific attribute of the classified entity. FCS applies a unified framework to classify both companies and occupations
Unlike existing hierarchical classification systems, Locus-enabled groupings are dynamic.
Users can search for, identify, and relate business and economic information using any of the functional coordinates in the barcode as the key index variables. A risk manager assessing South American markets will not look at the economy the same way as a policymaker studying a policy’s impact on South Carolina small businesses, so Locus doesn’t adopt a one-size-fits-all approach. Locus allows researchers, policymakers, investors, entrepreneurs, and anybody interested in economic data to sort, splice, and analyze data in previously impossible ways.