Implementing Standards For Economic Purposes

In recent years, a number of studies have been undertaken to determine the economic benefits of the use of standards.

ISO national member institutes and other organisations sought to explore the impact that the use of standards had in terms of economic benefits.

One such study, by ISO and partner organisations looked at the experiences of companies operating in various sectors within ten countries, revealing that implementing standards can provide economic benefits.

ISO developed a new method of study, referred to as ‘the ISO Methodology’ to enable the assessment and quantification of the economic benefits of standards, working with the support of Roland Berger, Strategy Consultants. The International Organisation for Standardisation website confirms its objective is to arrive at reliable quantative calculations of the impacts of standards on organisations.

This in turn it is hoped, will mean that results of different studies can be compared alongside each other, creating a common stock of knowledge about the economic benefits of standards.

International standards offer businesses the opportunity to build on customer confidence and consistently develop and deliver products and services of the high quality their customers expect and enjoy.