Interchange formats are standardized ways to represent data so that it can be easily shared and understood between different systems or applications. These formats ensure that information remains consistent and accurate, regardless of the software or hardware being used. Common examples include JSON, XML, and CSV, which are widely used for data exchange in web services and databases. Using interchange formats simplifies data integration and communication, making it easier for developers to work with diverse systems. By adhering to these standards, organizations can improve interoperability, reduce errors, and streamline processes, ultimately enhancing efficiency in data management and analysis.