Calibration is the process of comparing an (unknown) measurement device to an equal or better standard. Calibration is about confidence in your measurement results and ensuring that your measurement data remains accurate within the specification limits that were the reason you chose the instrument in the first place.
A "typical" commercial calibration is one that uses the manufacturer's calibration procedure with a reference standard that is at least four times more accurate than the instrument being measured. The risks of not calibrating your instrument include getting false "pass" or "fail" results in production, which can lead to costly rework or product scrapping. Traceable calibration also ensures compliance with the international standards upon which our business depends.
While today's digital instruments are inherently more stable than their analog predecessors, their tolerances are much tighter than in the past. Even the latest digital instruments contain analog circuitry such as preamps, buffers, etc., whose performance will change over time. Regular calibration will keep your instrument in good condition to help you with your design, troubleshooting, and manufacturing work.