Embracing Open Standards for Business Success

By Francis Beland, Executive Director, OASIS Open

Why is participating in open standards essential? 

This is the most common question I am being asked. The answer is quite simple: do you want to help write the rules of the game, or do you stand back and let the market and your competitors do it for you?

Here the metaphor refers to shaping the market, industry norms, and regulatory environment in which your company operates.

Here are several reasons why this can be beneficial:

Influence over Market Conditions: If you’re actively setting industry standards or influencing regulations, you can shape these to align with your business strategy.

Competitive Advantage: By helping to create the rules, you’re likely to have a deep understanding of them and can therefore design your business strategies to leverage them effectively.

Predictability: Being involved in rule-making can provide insights into future changes, allowing you to anticipate and prepare for them rather than react.

Reputation and Trust: Businesses shaping industry norms and regulations can enhance their reputation.

Innovation: In many cases, regulation can spur innovation. By being part of the rule-setting process, a company can better understand where opportunities for innovation might lie.

As with any open standard, this opportunity comes with responsibility. We must create fair, sustainable, and beneficial rules for all stakeholders and our global community.