From Concept to Profit
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Time is money. The managers of companies with thousands of employees know that lost time means lost production and revenue. The more employees you have, more significant this problem can grow.
Human resource managers complain of employees clocking in for each other (known as “buddy punching”) and forgetting to clock in or out before or after lunch. Up to 10 minutes per day, per employee, is lost due to tardiness, long lunches and early departure, according to the American Payroll Association. Buddy punching is estimated to cost U.S. companies $400 billion per year. Furthermore, studies show that employees and human resource teams dislike physical clocking in and out.
Imaginovation’s team members architected and developed an app called Imagin.Time that makes clocking in an automatic process.
Biometric time clocks exist today, using employee’s fingerprints to clock in. These prevent buddy punching, but such systems require an employee to remember to clock in and out and still leaves room for time theft. Imagin.Time auto clocks team members based on location.
The system is based on Beacon Technology, a low Bluetooth broadcaster. Beacon works with commercially available devices such as Fitbit, Apple Watch, or an employee’s mobile device, making it far less expensive for a company to add this system to their buildings.
Now, when an employee wearing or carrying the connected device enters the building, his or her device sends its unique ID to the company server, which notes the time and considers the employee clocked in. The system will automatically clock members out as they leave for the day or lunch. Administrators have online access to the information, and the system will calculate the number of hours worked for the payroll staff.
The system makes heavy use of Hyperledger, a blockchain for business use. Each employee’s time and attendance is stored inside the blockchain, making it easy to prove their time, attendance, and location while at work. Blockchain is a way of storing data securely, meaning it’s impossible to alter the data later. If your company faces a lawsuit or some other question of time keeping records, your team will know the time records are accurate.
Finally, the system is easy to use for both employees and administrators who can log in and check an employee’s status and view reports about hours worked.