Critical success factors within an Enterprise Resource Planning System implementation designed to support financial functions of a public higher education institution

Abstract

The Enterprise Resource Planning (ERP) system of an organization is a highly significant integrator of various processes of the organization that comes with many intrinsic merits. ERP systems will soon become intelligent enterprise systems as the world shift towards the fourth industrial revolution. This capability will make it significant to resolve the current snags plaguing the systems. Many of the snags that have been encountered and presented by the ERP systems have successfully been curbs with the concept of Critical Success Factors (CSFs). However, the nature and attributes of these factors have been inadequately dissected coupled with the lack of sound scientific methodology to validate the factors. Hence, turning them to be numerous without worth has prompted the quest to uncover CSFs in a sector that experience the most adverse impact is the Higher Education Institute (HEI) and the seldom researched area is the financial sector. The successful implementation of CSFs would significantly aid the efficacy of failing implementation of ERP systems. The study aims to pinpoint CSFs for ERP system enactment within the financial information system of a public HEI. Exploring four overarching objectives of identifying the minimal lot of CSFs for ERP enactment that would support financial function. To reconnoiter the magnitude of each of the CSFs in the financial sub-system arbitrated by a successful contrivance. To investigate an effective model that when adopted would support financial functions. To give wide-ranging reference to management for the efficient enactment of ERP systems that would sustain financial functions. To achieve these objectives, a mixed method methodology coupled with a pragmatism philosophy stance was employed that involved literature review, expert opinions, and application of advanced impact analysis technique. In this study, 205 CSFs were aggregated from the related literature and trimmed after a preliminary analysis to yield a minimal set of 20 CSFs that are applicable to the context of financial systems. Each factor was evaluated by a nadir sample size of nine experts through the deployment of an online data collection tool. The opinions of experts generated the Cross-Impact Matrix (CIM) that was evaluated using the advanced impact analysis (ADVIAN) technique. Application of ADVIAN explores the significance of the CSFs in a financial system. Presenting a resolution to the efficacious enactment of CSFs for ERP systems in HEIs determined by criticality, integration, and stability measurements. Additionally, ranking the CSFs utilizing the precarious, driving, and driven criteria to structure an effective model to assist financial functions. The outcomes can afford an eclectic practical blueprint as an allusion and bearing gage for planning, enacting and utilizing ERP systems to improve organizational performance.