An Investigative Study on The Effect of Digital Technology on Financial Reporting and Decision Making in Tertiary Institutions

The adoption of digital technology in financial reporting and decision-making processes in Nigerian tertiary institutions has been gradual, despite its significant potential to improve operational efficiency and accuracy. This study aims to explore the extent of digital technology integration in these institutions, its impact on financial operations, and the barriers hindering its full implementation. The research investigates the use of technologies such as accounting software, enterprise resource planning (ERP) systems, cloud computing, and data analytics tools to enhance financial management. The study was conducted through a survey of 1,200 respondents, including financial officers, decision-makers, and technology experts. The findings show that digital technology has positively impacted the accuracy and efficiency of financial operations. A significant portion of respondents reported improvements in data validation, auditing processes, and regulatory compliance. Despite these benefits, challenges such as high implementation costs, lack of skilled personnel, and resistance to change continue to impede widespread adoption. The study concludes that while digital technology has a substantial impact on improving financial reporting and decision-making, barriers like inadequate training, insufficient infrastructure, and limited budget allocations hinder its full potential. Recommendations include increasing training and development programs, enhancing infrastructure, securing better funding, and adopting best practices in technology integration. These measures are essential to overcome existing challenges and fully harness the benefits of digital technology for financial management in Nigerian tertiary institutions.