Why are standards important?

Industry standards play a critical role in research and development, product development and marketing initiatives, which in turn help organizations meet their business objectives. Standards simplify product development and reduce non-value-adding costs, thereby increasing a user's ability to compare competing products. Standards also represent fundamental building blocks for international trade and communications.

Source: http://www.computerworld.com/s/article/102372/Why_Standards_Are_Important_for_Wireless_Security