Industry standards are established guidelines or criteria that organizations and professionals follow to ensure quality, safety, and efficiency in their products and services. These standards are often developed by industry groups, regulatory bodies, or international organizations, and they help create a common understanding among stakeholders. Examples include ISO 9001 for quality management and IEEE standards for electrical and electronic systems. Adhering to industry standards can enhance a company's reputation, improve customer satisfaction, and facilitate trade by ensuring compatibility between products. Compliance with these standards is often necessary for regulatory approval and can provide a competitive advantage in the marketplace.