In manufacturing industry, specifications are required during the design stage of a component/assembly/ system. Specifications are structured documents that set out the requirements which component/assembly/system are expected to provide. Specifications are essentially the vehicle of communication between producers and users. They serve as a common language, define property and quality requirements and establish safety criteria. Standardization of material and process specifications creates value at countless levels. To understand standardization of specification and processes, we need to understand two keywords, i.e., ‘standards’ and ‘specification’. This whitepaper dives deeper into these words to understand how they help in achieving higher results by roping in well-defined practices and processes to meet cost & performance objectives.