Digitalization, Internally Generated Revenue and Financial Performance of The Polytechnic Ibadan, Ibadan, Oyo State

Abstract

Digitalization of business transactions has emerged as a great phenomenon which has had a transforming effect on institutions across society. The digitalization was initially driven by private sector interests, but governments have showed interest by adopting technology in achieving services delivery and their operations. Technology has automatically changed the way businesses is done in The Polytechnic of Ibadan and different institutions compared to previous times. But despite the advantages there are still shortcomings like brain drain of ICT qualified human resources especially on fiscal matters. Thus, this study objective is to examine the role of digitalization in generating more revenue to bursary department of The polytechnic Ibadan and time-frame is between 2015-2024. The study was anchored on Technology Acceptance Model (TAM). The study adopted a qualitative method to elicit information. The methodology combined interviews and literature review to gather in-depth insights. The findings of the study show that digitization of revenue process is the best way to handle fiscal matters in The Polytechnic Ibadan and embracing digitalization is the most effective strategy for The Polytechnic Ibadan to attain its financial objectives. Also, it was concluded that the modes of operation of generating funds are basically online in The Polytechnic Ibadan, but the institution is still in need of improvement of the bursary department for productivity. The study, therefore, recommends that by digitizing processes and automating tasks, institutions can streamline their operations, eliminate manual errors, and save time and resources.