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A NAICS code classifies your company’s primary economic activity, and understanding it is vital for compliance, market research, and accessing government tools. Purpose of NAICS NAICS codes are like a secret language, used for statistical analysis, research, and government reporting.
On September 14, 2023, the Senate Committee on Homeland Security & Governmental Affairs hosted a hearing called “Governing AI Through Acquisition and Procurement” (Hearing). government would purchase AI technologies and establish guidelines and standards for the development and use of those technologies.
NAICS codes serve various key roles, including aiding government policy analysis, supporting businesses in strategic planning, and providing tools for detailed economic analysis and comparison with the older SIC system. This detailed classification is crucial for policy development, marketanalysis, and strategic planning.
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As FAS Commissioner Sonny Hashmi stated in a recent post, “Our regional based employees aren’t going away, but this shift in our structure will meet the growing demand from our customers that FAS respond holistically when it comes to contracting assistance.” Third, the alignment provides an opportunity to improve data management.
Effective communication between government officials and industry partners is of paramount importance in fostering a thriving procurement landscape. We encourage you to take advantage of this excellent opportunity for direct engagement with the Federal Government! The Fall Training Conference: “ What is Fair and Reasonable?”
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