AI transforms industry classification at HBN2 in Bucharest, September 2024

The second edition of the Hacking Big Numbers (HBN2) hackathon took place in Bucharest on September 14, 2024, focusing on the integration of artificial intelligence with business data analysis. This event attracted experts in data science, machine learning, and software development, who participated in a Machine Learning tournament aimed at enhancing industry classification accuracy using the North American Industry Classification System (NAICS). Participants engaged in a competitive format that involved a series of five rounds, where they had to classify companies based on limited information, starting with just the commercial name. As the rounds progressed, they received more detailed data, testing their models' adaptability and accuracy under strict time constraints. The scoring system incentivized early correct guesses while penalizing mistakes, reflecting real-world challenges in industry classification. The tournament highlighted the capabilities of AI in transforming industry classification, with the winning team achieving a notable 70% accuracy rate. Their solution was developed over a single weekend, showcasing the potential of AI technologies in various business applications, including Anti-Money Laundering detection and competitor analysis tools for startups. Veridion, a key player in the event, specializes in company data and offers APIs for startups to enhance their databases. They encourage companies with valuable internal data to propose challenges for future editions, fostering innovation and collaboration in the industry.