Data standards are established guidelines that dictate how data should be formatted, stored, and shared. These standards ensure consistency and accuracy, making it easier for different systems and organizations to communicate and understand the data. By adhering to data standards, businesses can improve data quality and facilitate better decision-making. Common examples of data standards include ISO 8601 for date formats and CSV for data exchange. These standards help prevent misunderstandings and errors that can arise from inconsistent data representation. Overall, data standards play a crucial role in enhancing interoperability and efficiency in data management across various industries.