Swot Analysis Student Payment Method

OBJECTIVE The aim of the SWOT analysis is to have a deep insight into the modification of the payment system by addition of an extra functionality which may be called a Reverse ATM which accepts direct cash from the students and is available at various location within the campus. Distant learning students may also take advantage of quick and efficient payment system. This analysis will highlight the strengths of the University and the payment system also having an analysis of the weakness which might be a drawback in the lifetime of the system. The external opportunities would be harnessed for the benefit of the system and the threats should be taken care of (Helms, 2010). SWOT Template Organization:Charles Strut UniversityDate: DD/MM/YYY Description ofcurrent/newICT service The current ICT service regarding Student payment method of Charles Strut University incorporates various modes of payment. The students can pay via internet banking using Master or Visa cards. Students can also transfer the money via the service of BPAY which is exclusively for Australia. These might be one of the safest methods for payment transfer. However, payment can also be made in person or by mail at different locations at campus. These methods may be vulnerable or time consuming for payment and may call for several breaches or threats. Description of the modification/change/update in the current ICT service: The update and modification visioned for this student payment method it to install machines in replacement of in person or mail payment mode. The in person payment mode requires trained staff and personnel and is time consuming too. Also, the mode of mail is not reliably safe and might be illegal for transfer of some sensitive information either by will or by mistake. The new machines installed would act as a reverse ATM for intake of money and immediate transaction. This service would be installed at various places within the campus and would accept cash payment which is safest mode.If any student wishes to pay via money order or cheque the, a trained machine operator would do the required conversions making the use of the machine and the transfer mode for timely and effective payment to the University. The clause of not sending payment via cash will be removed by this method. STRENGTHS Innovative solutions for synchronizing organizations capabilities with the mushrooming advancements in technology. Ease of use and timely efficient payment leads to student satisfaction and retention. The competency and skills of IT department making execution simpler. Attractive feature for users and learning aspirants by full resource exploitation. A strong University image and a strong IT department.m WEAKNESSES Possibility of problem for distant learning students. Management of initial setup and innovation cost Discrepancies may lead to fall in competitive Implementation time OPPORTUNITIES Scope for research and development. Development of innovative mobile solutions for payment Increased student enrollment with ease of access Incoming opportunities for expansion and technological advancement. An edge over other modes of payment and a competitive advantage. THREATS Environmental protection standard and sustainability The changing market demands and dynamic scenario New regulations or law policies pertaining to payment to Universities Security and privacy breaches Response from students or users in the course of time. Summary and Recommendations: The SWOT analysis focuses over this innovative solution of reverse engineering called reverse ATM to input the payment into the machine for an instant validation and update into the University records. This technology is competent with the emerging world class technologies with efficiency and timely nature of the machine. The skills for development of the IT department are strikingly wonderful and hence this idea can be effectively mapped with the blueprint and the implementation. This might enrich the position of the University and in turn call for increased number of aspirants. On the other side there are weakness for the system, that the students enrolled with distant learning may not directly use the machines but can transfer that money with other methods to use the machine. The initiation setup cost is high and the input for the machine both in the terms of management or technical are necessary. The time for implementation can also exceed which can cause problems. For this, the present system should not be curbed completely. Moreover, failure possibility can also affect the system. The external opportunities like enhancement in scope of research and further advancements in IT department can be hoped with the further development. In future there can be a scope for mobile solutions for the similar technology and some innovative applications for the payment system. This is surely a competitive advantage for the university over others. There are threats also for the system such as changes in some payment policy which may call for modifications or some security breaches which may incur into the system due to hackers etc. These machines may also prove to be hazardous for the environment and hence may be tested for sustainability. Short Term (Now) The current proposed plan is an excellent implementation in regard with the payment model and the strategic goal of easy and efficient payment strategy using direct cash payment and automation. The short term plans are to innovate, develop, implement and wait for the feedback of this new system. The service proposed in by far advantageous but a deep insight over the threats and weakness is equally essential. Mid Term (next 12 months) The strengths of the Institute lies in a strong and intellectual IT department and a brand name for the University. These strengths may be exploited to open up further doors for external opportunities like tie-ups or mergers with other nearby Universities and making up a campus or hub of IT intellectuals to innovate something special for use or modify the existing technologies for the benefit of all. However, in next 12 months focus should be set over further development and refinement of this service and experimentation in other areas too. Long Term (next 3 to 5 years) For a long term accomplishment of the modification of the payment system, the new changes need to be sustained and maintained. Any technological modification should be incorporated. The machine can be made totally independent in its function. The staff of the campus would be familiar with the functioning and may handle any kind of query regarding that. With an expectation of enhancement in number of students and as a result number of users for the machine, the machine should remain consistent with the multi-user approach and real time transaction.