Why are industry standards important? What impact do they have?

Standards are published documents that establish specifications and procedures designed to ensure the reliability of the materials, products, methods, and/or services people use every day. Standards address a range of issues, including but not limited to various protocols that help ensure product functionality and compatibility, facilitate interoperability and support consumer safety and public health.

Importance of standards:

Standards form the fundamental building blocks for product development by establishing consistent protocols that can be universally understood and adopted. This helps fuel compatibility and interoperability and simplifies product development, and speeds time-to-market. Standards also make it easier to understand and compare competing products. As standards are globally adopted and applied in many markets, they also fuel international trade.

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