University of South Queensland- Assignment blog: Wearable Technology CIS8000

Table of Content

ACC3040 Sustainable Business

Introduction 1

Part 1 - Business Model Calculations 6

Part 2 - Acceptance of Wearable Technology 10

Part 3 – Report for the Evaluation of senior management 11

References 12

CIS 8009 management of business telecommunications

Activity B:

Introduction

In the current business scenario, many of the business organizations functioning on different manpower scales are using some kind of modern attendance system to effectively manage and monitor the resource of time. An efficient management of manpower’s time allows the particular department or organization to grow bigger in terms of production and performance. There is a great need in office environments to keep an eye on the employee’s time spending routine such as when they take a lunch break and go for nature calls during the work time. In addition to this, the management should also have the information like the quantity of production as well as the work performed by the employees. To effectively maintain and monitor the human resources of an organization, there are now available some different variants of automated attendance systems providing details about every minute of the work the employee performed. It is to be remembered that one of the serious challenges encountered is to perfectly provide an up-to-date time sheet for salary calculation purposes and other related issues and problems arising under certain situations and circumstances in a given organization (Albert 2012).

The solution to the challenging time management issues comes in form of the wearable technology that is producing ID tags that will clock the whole time sheet of the employee. This is giving a perfect accountability of the human resources and their uses to an organization. Such details can be utilized by an organization to maintain the exact time the employee worked and based on this information, the organization can take various steps like deciding the salary of a particular candidate or to estimate the production of products. It really helps in understand the work culture of the employee’s past and present so that steps can be taken for improving in the future at the workplace. On the other hand, the disadvantage of wearable identification tags in automated clocking of employee attendance is that any technical faults and manual error makes the data collected not so useful for the present and future decision making process at the workplace (Samuel 2008).

The infrastructure required for dealing with wearable identification tags in automated clocking of employee attendance are wearable identification tags, its reader, label printer and other related software that makes perfectly functional able under any given situations and circumstances in the workplace (John 2012). The best-practice regarding how wearable tags should be managed can be done through making the employees and staffs understand the use of wearable identification tags in automated clocking of employee attendance in the management affairs of the concern with a lot of perfection. The concept of wearable computing and identification tags concepts should come with proper instruction and guideline to the employees in the organization (Kietzmann 2010).

The said system assists control labor costs through reducing over-payments that are often caused by intentional error, transcription error and interpretation error. On the other hand, manual processes are totally eliminated at the workplace (Albrecht & McIntyre 2005).

It is to be highly noted that Radio-frequency identification (RFID) is the perfect wireless non-contact that largely use of radio-frequency electromagnetic fields in order to transfer data in the form of details and information for tracking tags attached to objects or human plus the purposes of automatically identifying. It is to be remembered that the said tags largely contain electronically stored information and details which is part and parcel of it. On the other hand, certain tags are really powered through and read at very short ranges (a few meters) by electromagnetic induction or magnetic fields. It is to be remembered to a great extent that others perfect use of a local power source like a battery, or without a battery but gathered energy from the interrogating EM field. It later acts as a passive transponder in order to emit UHF radio waves that are at high frequencies electromagnetic radiation or microwaves. At hundreds of meters, battery powered tags will operate in a successful manner. According to the experts and specialists in this particular field, marked by dissimilarity a bar code, under any given situation and circumstance, the tag doesn’t necessarily require or need to be just within line of sight of the given reader. On the other hand, it may be directly embedded in the tracked object (Greene 2004).

It is to be remembered that Radio frequency identification (RFID) is part and parcel of the family of Automatic Identification and Data Capture (AIDC) technologies that comprises of 1D and 2D bar codes in the open market. On the other hand, Radio frequency identification (RFID) uses an electronic chip, generally directly applied to a substrate in order to form a perfect label that is direct and permanently affixed to a product or tags. The information and details it largely contains may be perfectly read, properly recorded, or then later rewritten under ant given situations and circumstances (Tay 2007).

At present, RFID tags are gaining momentum in the open marker with lot of perfection. It is used in a successful manner in several industries for perfectly handling and controlling their employees at the workplace to a great extent. On the other hand, it is really useful for the management and its higher officials to monitor and track the work in progress at the workplace (Microsoft 2011). An RFID tag directly attached to an employee can be used in order to track work progress by the assembly line at work place in an organization with a lot of perfection. According to the experts and specialists in this particular field, “Since RFID tags can be attached to cash, clothing, everyday possessions, or even implanted within people, the possibility of reading personally-linked information without consent has raised serious privacy concerns.” This type of technological advancement through science and its perfect usage is the need of the hour in all the organization to a great extent. It really gives space for perfect growth and development to a great extent within any given circumstance and situation with a lot of perfection. Such type of technology is the need of the hour in the open market so that things can happen in a smooth manner without any type of hurdles and hindrance in an organization (Lettice 2006).

Part-2

Business model calculations

It is to be noted that the payback method is quite easy and simple with lot of perfection. It is a perfect measure of the time really required in order to pay back all the initial investment of a given project to a great extent under any situations and circumstances. It is perfectly calculated as Original investment by Annual net cash inflow equals to Number of years to pay back. It is to be noted that the said method is a famous method mainly because of power as an initial screening method and its simplicity. It is significantly better for any types of high-risk projects in which to a great extent the useful life of a given project is quite difficult in order to determine with lot of perfection (Watier 2003).

On the other hand, in net present value evaluating perfectly a capital project that really requires that the cost of an investment be rightly compared with the net cash inflows that may occur several years later. It is to be remembered that because of the time value of money, these two types of cash flows aren’t directly comparable under any given situations and circumstances. It is to be noted that money that has been rightly promised to receive in three, four, and five years from present isn’t really worth as much as money received at present (Mann 2012). On the other hand, in the future all the money received has to be perfectly discounted through some appropriate percentage rate under any given situations and circumstances usually sometimes the cost of capital and prevailing interest rate. According to the experts and specialists in this particular field, present value is the stream of payments to be received in the future or value in current dollars of a payment. Net present value can be calculated as Payment x, 1 – (1 + interest)-n by interest equals to present value (Davies 2012).

It is to be remembered that no measure of profitability is provided by net present value. This regarded as one of the limitation. It also doesn’t provide a perfect method to rank order different possible investments under any given situations and circumstances. It is to be noted that simple solution is largely offered by the profitability index. On the other hand, the profitability index is perfectly calculated through dividing the present value of the total cash inflow from an investment by the initial cost of the investment. The derived result can be used in order to perfectly compare the profitability of alternative investments under any given situations and circumstances. It is to be noted that present value of cash inflows by investment equals to Profitability index (Quincy 1998).

It is to be highly noted that Internal rate of return (IRR) is perfectly defined as profit that an investment is largely expected to earn or the rate of return taking into account the time value of money. On the other hand, internal rate of return (IRR) is the discount (interest) rate which will really equate the present value of the project’s future cash flows to the initial cost of the project. All these formulas and calculation process helps in understanding the needs and requirements of a given project in the esteemed organization (Gilbert 2003).

The wearable identification tags in automated clocking of employee attendance are the need of the hour in any given organization that is on the path of growth and development. The investment made on this particular project can be obtained back within a few years. The profit gained by the organization can be part and parcel of the said project in the long run. The said project helps to understand how the money can be utilized in a perfect manner without any wastage or unnecessary expenses with a lot of perfection (Bass 1985). It can really bring a sense of strictness and discipline in the organization to a great extent. It is really a need of the hour in the organization to use wearable identification tags in automated clocking of employee attendance. It really helps the work flow in the given organization to be conducted in a smooth manner with a lot of perfection. It helps in identifying the good performers in the organization related to work and bad performers in the organization related to work within a given period of time. Such type of analysis regarding the employees of the organization is the need of the hour because further growth and development of the organization purely depend upon these said aspects in a workplace (Smith 2013).

Part 3

Acceptance of Wearable Technology

Wearable computing technology is gaining momentum in the open market through the large scale acceptance of wearable identification tags in automated clocking of employee attendance. It is largely used increasingly in order to monitor employees anytime and anywhere at the given workplace in an organization with lot of perfection. In the present scenario, global positioning system bracelets, radio-frequency identification (RFID) tags and automated biometric identification have really changed the method that employees are being monitored and tracked within corrective services as per the requirements and need of the management under any given situations and circumstances with a lot of perfection (Thorp 2009). For instance, an employee who enters workplace that are wi-fi compatible and RFID-enabled, are fitted perfectly with RFID bracelets upon in a successful manner entering a given facility, enabling the human resources department concerned officials to track their location at the workplace during the working hours even with the intervals and break availed by them. It is to be noted that permanent monitoring of employees at the workplace assists in allocation of work with perfect implementation plus having good control on them to a great extent (Connor, 2008). CIS 3008

Part 4:

Report for senior management evaluation

In a successful manner to implement the perfect usage of wearable identification tags in automated clocking of employee attendance needs a good amount for investment. The financial support should come from the board of directors of a given organization. It is to be noted that it is a good investment for long term growth and development to a great extent. It is the need of the hour in each and every organization that is on the path of growth and development in a steady manner in the given open market. The higher official of the management should give perfect authorization in order to embark on the said project within a stipulated timeframe in order to reap success in an organization (Brian, Chen & Bilton 2014).