In order to collectively work as an industry instead of working in isolation, owner/operators are encouraged to contribute intellectual assets to standards bodies for standardization at an industry and international level. This reduces the risk and cost of projects and operations of each owner/operator as these can be collectively borne participating organizations.
An area that has the immediate opportunity for standardization is that of reference data (e.g. taxonomies and types/classes) since the same data is applicable across organizations and industries. By contributing sections of their Enterprise Reference Data Libraries (RDLs) or "class libraries", organizations can standardize upon the definition of, for example, their equipment and property classes, such that their suppliers can build support for those models within their products.