Final answer:
Global/industry standards provide a common framework and facilitate communication and cooperation among companies. Proprietary standards allow companies to differentiate their products and create a competitive advantage.
Step-by-step explanation:
Global/industry standards refer to the set of rules and guidelines that are followed in a particular sector or across different industries worldwide. Proprietary standards, on the other hand, are specific to a particular company or organization and are not universally adopted. There are benefits to both types of standards.
Global/industry standards provide a common framework that allows for interoperability and compatibility between different systems and products. It facilitates communication and cooperation among companies and ensures a level playing field. For example, in the technology industry, the adoption of global standards for networking protocols allows devices from different manufacturers to connect and communicate seamlessly.
On the other hand, proprietary standards can offer companies a competitive advantage by allowing them to differentiate their products or services. They can create unique features or functionalities that are not available in products that adhere to global standards. This exclusivity can attract customers and drive sales.