IMPACT OF INFORMATION TECHNOLOGY ON PROJECT MANAGEMENT PRACTICES AND TOOLS FOR FINANCIAL INSTITUTIONS

This lack of information technology (IT) innovation techniques can negatively impact the performance of project management practices and, by extension, the organization's performance. This study aimed to contribute to both theory and practice by analyzing the effect of information technology (IT) on the performance of project management (PM) practices adopted by selected financial institutions in South Africa. An online questionnaire survey was administered to determine the PM staffs' perceptions of the role of IT in PM practices to achieve this study's aims. Purposive sampling was used to identify key practices (also known as success factors) in project management, as defined by the Project Management Institute (PMI), namely scope management, cost management, time management, and quality management. The data is analyzed using the partial least square (PLS) technique. The study centered on how these practices can be enhanced through IT applications to improve financial institutions' performance. A sample of eight South African financial institutions was surveyed using a structured questionnaire and the Google Forms online tool to collect data. The data findings were analyzed using Excel's descriptive statistics and graphical tools in the form of graphs and tables. The results indicate that IT can enhance PM practices in financial institutions and that IT applications are utilized to enhance work processes. This study has contributed significant findings to the body of knowledge. This research makes substantial theoretical and practical contributions to theory and practice. In addition, the study's future directions represent a pathway to advanced research.