Benefits to companies:
- cost reduction
- increased market opportunities through access to broader markets and faster development of new markets
- competitive positioning
- improved risk management
- Enhanced reputation
Benefits to public authorities:
- efficient development and promotion of measures of public utility (supporting e.g. safety, security, protection of the environment)
- higher efficiency in achieving targets, e.g. essential requirements for categories of products or services to be matched by market forces
- contribution to economic development and support of consumer interests (e.g. by opening markets and stimulating competition)
Benefits to consumers:
- improved choice and access to goods and services
- lower cost for a given level of performance
- products with improved quality and reliability
- safer, healthier, more environmentally sound products and services
- compatibility within and between products
- greater consistency in the delivery of services
- better product or service information