Standards provide a reliable benchmark against which performance can be judged, enabling businesses to demonstrate product performance. Introducing standards can help businesses to retain existing clients and generate sales from new customers, while easing the process of regulatory conformity through:
- removal of trade barriers
- maximizing revenue via optimized market access.
Standards are a flexible, cost-effective means of complying with regulations.
Standards open doors to business on a global scale
Compliance with standards provides a strong competitive advantage, and can often be a deciding factor when a buyer has to choose between two comparable suppliers. Indeed, some customers will only buy from suppliers that comply with certain standards, as is often the case with public-sector contracts.
Involvement in standards development allows a business to lead the way with standards that match their output to the requirements of the market, increasing sales and market size.
Standards lighten the regulatory burden on business
Government regulation is often perceived as cumbersome and inflexible, with regulations struggling to address the needs of business. Through the flexible approach of standards, regulatory obligations can be met while retaining adaptability, efficiency and market relevance.
Voluntary standards implementation by business can enable an industry to regulate itself, removing the need for direct government intervention. These alternative regulatory models offer business far greater input into regulatory processes.
Meeting regulatory criteria can be much more challenging when diversifying into new markets or trading in non-domestic territories. Although practices and regulations can vary, standards can provide all the information necessary for the effective worldwide trading of products and services.
Read more about how standards support lighter-touch regulation. Download Enabling Lighter Touch Regulation (pdf 3.49MB).
