The need to exchange information between organizations or departments of the same corporation is hampered by interoperability problems that mostly originate from the necessity to comply with diverse standards while using dissimilar applications. Each organization generally uses different standards (both local and international) for products which they produce or use. The differences and similarities of these standards, or gaps and overlaps between these standards create problems when exchanging product information through the product life cycle. Defining gaps and overlaps for these standards will help us better understand the interoperability issues. This will aid in the development of strategies for reducing interoperability problems, thus improving efficient information exchange. In this study, we present different approaches for comparing standards and for identifying gaps and overlaps in standards. A Matrix-based evaluation mechanism developed for this purpose is also described.