Frere Enterprises on Future Considerations for the Internet of Things

News provided by

Oct 18, 2018, 08:00 ET

PETALUMA, Calif., Oct. 18, 2018 /PRNewswire/ -- The Internet of Things (IoT) is exponentially growing each year. Referring to "things" that are connected to the internet — people and devices — the IoT is expected to reach over 26 billion by the year 2020. What does this mean exactly? Anything that can be connected to the internet will be. While this will bring many opportunities to both consumers and businesses, it will also bring more challenges. Brandon Frere, CEO of Frere Enterprises, examines some of the positive and negative business potentials of having a world that is exponentially more connected than it is today.

"We're moving towards the golden age of connectivity right now," said Frere. "It's almost hard to imagine being more connected than we are already, but eventually, any electric device that can be connected will be connected."

The relationships in the world will change significantly as the IoT progresses. Relationships that were once only person-to-person and person-to-device will move to include relationships between devices. One of the greatest benefits of a device-to-device relationship is the convenience it could offer. Many companies keep track of equipment through the use of bar codes, but in the future, they'll have effortless inventory management. The smart equipment will be able to connect to the network and update their status themselves. Costs to initially upgrade devices may be expensive, but once upgraded, companies could see fewer costs associated with staffing and overall productivity will see an increase. Converting all day-to-day processes from the physical world to a digital one will allow for everything to be measured, managed, analyzed and, ultimately, improved upon.

On the opposite end of the spectrum are the concerns of having so many devices connected to the internet — and to each other. Security, already an issue with the internet and connected devices, will become an even more crucial concern. Currently, there's no fool-proof security in place for smart devices. These smart devices will have the ability to track and collect massive amounts of data; how could that information potentially be used by those outside the company? Hackers could effectively breach a company's network and access not only company information, but also client information — a potential lawsuit waiting to happen. There's even the issue of data management; with so much data, companies may have to invest in data analysts and specialized software to interpret it. Device management could also become increasingly complex, increasing the need of IT specialists on staff.

"The internet of things will keep moving forward," said Frere. "As with any technological advancement, there will be pros and cons. Either way, there are many exciting implications on the horizon."

About Frere Enterprises

Run by CEO Brandon Frere, Frere Enterprises is a California-based company with a global vision based around the usage of special financial technology, or SpecFinTech, with a current focus on financial wellness and productivity.

He has designed and created multiple companies to meet the ever-demanding needs of businesses and consumers, alike. Frere's website, www.FrereEnterprises.com, is used as a means to communicate many of the lessons, fundamentals and information that he has learned throughout his extensive business and technological endeavors. Through Frere Enterprises, he aims to apply those lessons to other business opportunities.

Frere Enterprises' mission is to acquire traditional businesses and digitally transform them to meet and exceed modern day demand. This mission seeks to transform such businesses by developing the newest and most evolved technologies to speed up the evolution of financial services in order to meet the demands of the modern consumer and exceed the potential of the modern era.

FrereEnterprises.com

Related Images

image1.png

smart-phone-smart-home.jpg
Smart Phone Smart Home
Andrey Suslov/Bigstock.com

Related Links

Frere Enterprises

SOURCE Frere Enterprises