Boom & Bucket Launches Innovative Heavy Equipment Taxonomy System to Revolutionize the Industry

AUSTIN, Texas, May 02, 2024 (GLOBE NEWSWIRE) — Boom & Bucket, a leading digital dealer in the used heavy equipment market, is proud to announce the launch of its new heavy equipment taxonomy system. This cutting-edge framework, which began development in 2022, is now fully integrated into the Boom & Bucket platform, offering unprecedented precision in equipment classification.

A Modern Solution to Equipment Classification

The new taxonomy system leverages the latest in digital technology to classify heavy equipment based on the North American Industry Classification System (NAICS) and Standard Industrial Classification (SIC) codes. This alignment with recognized industry standards ensures that Boom & Bucket customers can more easily find and categorize equipment relevant to their specific industry needs.

“One of the initial challenges we identified at Boom & Bucket was the absence of a standardized taxonomy in the heavy equipment industry, which hindered easy information exchange across platforms,” said Samir Shah, Co-Founder and Head of Product at Boom & Bucket. “This new taxonomy is fundamental for advancing the industry, especially as more equipment integrates with sophisticated fleet management systems and APIs.”

Features and Benefits of the New Taxonomy

• Enhanced Search Functionality: Users can navigate through a well-organized digital catalog of equipment, filtered by precise industry codes.
• API Accessibility: Developers and tech-savvy users can integrate this taxonomy into their systems, making it a versatile tool for a variety of applications.
• Real-World Applications: From construction and agriculture to more specialized fields like mining and forestry, this taxonomy provides a comprehensive guide to the heavy equipment market.

Commitment to Open-Access and Industry Collaboration

Boom & Bucket proudly announces its commitment to an open-access taxonomy system, supported by the Open Equipment Taxonomy Alliance—a coalition of leading players in the equipment software industry, including Boom and Bucket, Procore, Frenter, Quipli, Tenna, and Gearflow. This taxonomy will be freely available for download, use, and integration by all industry stakeholders. This open-access initiative is designed to standardize data and enhance interoperability across the construction equipment software landscape.

“Our open-access approach ensures that the taxonomy we’ve built and collaborated with other industry leaders can be used by anyone, promoting widespread adoption and innovation,” said JT Bruch, Head of Engineering at Boom & Bucket. “By facilitating easier data exchange and integration, we are setting new standards in how industry information is shared and utilized, driving forward the digital transformation of the heavy equipment market.”

Future Enhancements and Community Involvement

As part of its commitment to continuous improvement, Boom & Bucket invites feedback from its users to refine and expand the taxonomy further. “We are dedicated to evolving this system based on the needs of our community and the changing dynamics of the market,” added Taizoon Miyajiwala, Senior Staff Engineer at Boom & Bucket.

About Boom & Bucket

Boom and Bucket is on a mission to build the most trusted buying and selling experience for used equipment. Sellers enjoy effective, effortless sales backed by modern insights and world-class market data. Buyers get a unique blend of warranties, inspections, financing, and shipping that makes buying used equipment fast and reliable, all of which is backed by our 5-star customer service team. With a commitment to transparency, no hidden costs, and nationwide shipping within 7 days, Boom and Bucket is raising the bar for used equipment sales across the globe. For more information visit www.boomandbucket.com/resources/taxonomy.

Contact:

Anna Wondany
701 Brazos St., Suite 300
Austin, Texas 78701
Email: [email protected]
Phone: (888)-417-3477

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9fa660d4-cb81-41f2-806a-23b9f6100981

Wall St Business News, Latest and Up-to-date Business Stories from Newsmakers of Tomorrow