The benefits from standardization of data can only be realized if everyone agrees to and follows a common standard. Industry associations have been talking about the importance of standardizing data for years, but have not been able to make it happen. The reason is simple. The cost required to standardize the data only yields benefits if everyone adopts the same standards at the same time. Few firms are willing to make the investment unless they are sure everyone else is going to do the same, and that assurance has never been in place. The benefits from standardizing data are a bit like the benefits from having a telephone. If only one person has a telephone it is not worth much. However, as more and more people get a telephone, then everyone else's telephone becomes more and more valuable.