World Standardization Day has been recognized throughout the month in countries around the world, although the official day is October 14th.
ISO generally sets a theme, which this year includes “international standards ensure positive change.”
Why does standardization even matter?
- Ensures positive change. This year’s theme.
- Harmonizes global best practices.
- Companies have increased confidence in the quality and reliability of suppliers who use standards.
- Eliminates technical barriers to trade.
- Companies actively involved in standards more frequently reap short- and long-term cost-savings than those that do not participate.
- Having influence in the content of a standard is an important factor in gaining competitive advantage.
- Standardization can lead to lower transaction costs in the economy as a whole, as well as to savings for individual businesses.
- Standards can help businesses avoid dependence on a single supplier because the availability of standards opens up the market. The result is a broader choice for businesses and increased competition among suppliers.
- More choices for the consumer.
- Standardization encourages cooperation between businesses atthe same stage in the value chain.
- Businesses not only reduce the economic risk of their R&D activities by participating in standardization, but can also lower their R&D costs.
The work of IEC, ISO and ITU remains central to the development of standards that share knowledge among all the world’s countries and so provide building blocks for global prosperity.
The Economic Benefits of Standardization Report – DIN, the German Institute for Standardization