Businesses have relied on standards for decades, squeezing out costs by increasing efficiency and maximizing product consistency and quality.
Regulators can do the same by adopting open-source data standards and identifiers for data collection. Standards grease the wheels of agency data collection and cut government spending. They improve accessibility, uniformity, and usefulness of data for the public, and facilitate the use of advanced technologies like artificial intelligence.
Manufacturing companies maximize efficiencies and minimize costs by using the same standard size containers across products and companies. Regardless of content, the dimensions of standardized containers like cans and bottles are the same. Standards maximize efficiency and reduce cost on the filling line, in the supermarket, and in the shipping process when products are transported by truck. A small change in container structure would mean a massive increase in cost.
Open data standards wring unnecessary costs out of government data collection and increase the quality and functionality of reported information. Regulatory efforts including the FDTA for financial and municipal bond issuance reporting, and the GREAT Act for grants reporting aim to increase government efficiency through data standardization. The increasing availability of open, freely available data in structured, standardized format leads to significantly greater support for financial technology including AI.
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