In the September/October 2014 ISOfocus issue, we explore some of the ways in which standards are an economic opportunity. We highlight how businesses – both large and small – can calculate the savings and benefits they make today – which amounts to a whopping 5 % of a company’s revenue in some cases. Talk about tangible!
Here are just a few success stories:
- DanPer Trujillo achieved additional profits of USD 648 000 by using standards
- NTUC Fair Price achieved cost savings from the use of standardized pallets, bar-code standards and an automated sorting system
- Lobatse Clay Works, a 175-employee Botswana enterprise succeeded in creating process efficiencies with the use of standards
You can now find out how your company can assess and communicate the economic benefits of standards, and pinpoint exactly which areas are likely to result in the highest benefits.
This has been the focus of a long-term study by ISO and its members in which around 30 companies, and even one whole industry sector, have scrutinized the way they use standards and calculated the savings that have been made. From a Russian brewery passionate about quality to a small German company in the business of positioning technology, the numbers make for an interesting read.
Level the playing field
So how do companies benefit from standards? By setting the framework for fair competition and paving the way for growth, standards level the playing field for companies and economies all over the world, ensuring everyone plays by the same rules. And this is the theme for this year's World Standards Day.
Not only can using standards offer opportunities for an equal, level playing field and economic growth, but it would be unwise to pursue one without the other. Because operating in any other way is the antithesis of good management.
