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AN ANALYSIS INTO THE IMPACT OF STANDARDS ON THE OPERATION OF SLOVENIAN COMPANIES

2.3 The effects of standards and their contribution to economic
and social development

With the active participation of all the stakeholders, standards will normally
have an extremely positive impact on the growth of the Slovenian economy.
A research by the British Standards Institution (BSI) classified the main effects of
standardization into categories with regard to the economic issue solved.
These categories are:

. Facilitating inter-operability of products and processes;
. Efficient reduction in the variety of goods and services;
. Ensuring quality and promoting efficiency;
. Efficient dissemination of technical information (Cebr, 2015).

Standards therefore have a positive impact on the operations of companies,
because they:

. foster liaising between stakeholders,
. avoid obsolete technologies,
. increase the possibilities for selecting suppliers,
. promote supply chain efficiency,
. allow for economies of scale,
. generate a critical mass of stakeholders for the development and

implementation of new technologies and industries,

. prevent information asymmetry,
. create trust among stakeholders,
. decrease transaction costs,
. disperse codified knowledge (Cebr, 2015).

A research by the German Institute for Standardization (DIN), carried out in
2000 and updated in 2011, reveals the same positive impacts of standardization
and estimates a 0.9% contribution of standards to the growth of German BDP.
In the period between 2002 and 2006, the total economic benefit from
standardization amounted to an average of €16.77 billion per year
(Blind, Jungmittag, Mangelsdorf, 2011).

18 SIST - SLOVENIAN INSTITUTE FOR STANDARDIZATION