For the service eco-system, standards are important
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Companies who want to collaborate and are in fact, business partners can do so in two ways: proprietary and standards-based.Standards-based is most flexible but covers a spectrum of industry standards such as ACORD for insurance to a standard XML Schema with pre-agreed tags. This is the spectrum of standards-based interaction. As we move from a few instances of collaboration and access to one another's business processes, the adoption of industry standards based on XML becomes more important: the rules of engagement are well-understood and have been well thought-out by a an industrty body or consortium. The downside of this is that often the industry standard is too broad and all-empassing making its use cumbersome and company's end up using only a fraction of the standard. Standardized message structures across Lines of Business within the enterpise and gradually across the eco-system become increasingly important.