Inherited field values

Inherited field values

Is it possible for a field to inherit its value from another field? For example:

In my Companies view, I have a dropdown called Industry. In my Contacts view, I have a similarly named dropdown with the same possible values. Is there any way for the Contacts.Industry dropdown value to be the same as the Companies.Industry dropdown? In other words, a contact will inherit the industry value for the company they are associated with.

Many thanks in advance,
Jim