A more modern company classification system is the North American Industry Classification System (NAICS). It is used to identify corporate institutions as well as to compile, interpret, and report statistical data about the US economy. Since SIC codes are more precise, there could be several SIC codes for each NAICS code. For example, as previously noted, there are over 30 SIC codes under the Engineering Services code 8711. The NAICS code for Engineering Services is 541330. While the plan is to fully switch to the NAICS system, many industries still have the old SIC system deeply ingrained.