cost efficiency (of technology standards)

Cost efficiency in terms of technology standards is the ability to achieve cost savings or other economic efficiencies by implementing a certain technology standard. This can be achieved by standardizing hardware, software, network protocols, data formats, and more. By standardizing across a company’s infrastructure, better economy of scale can be achieved, as well as better compatibility between different products and services. In addition, costs can be reduced by eliminating incompatibility and integration issues, and having a single point of contact to help with any problems related to the technology standard. Finally, through standardization, complex tasks, like upgrading software, can be done much more easily and quickly, reducing operational costs.