Businesses: Standards are very important to every organization. Successful companies recognize standards as business tools that should be managed alongside quality, safety, intellectual property, and environmental policies. Standardization most often leads to lower costs by reducing redundancy, minimizing errors or recalls, and reducing time to market.
The Global Economy: Businesses and organizations complying with quality standards helps products, services, and personnel cross borders and also ensure that products manufactured in one country can be sold and used in another.
Consumers: Many quality management standards provide safeguards for users of products and services, but standardization can also make consumers’ lives simpler. A product or service based on an international standard will be compatible with more products or services worldwide, which increases the number of choices available across the globe.