Financial Management And Resource Allocation In Academic Libraries: Bridging The Gap Between Library Science And Finance

Abstract

This study examines the role of financial management and resource allocation in academic libraries, focusing on bridging the gap between library science and finance. The research explores how financial management practices, collaboration between librarians and financial managers, and institutional challenges impact resource allocation in academic libraries. A mixed-methods approach was employed, utilizing surveys, interviews, and document analysis to gather quantitative and qualitative data from librarians and financial managers across various academic institutions. The findings reveal that larger libraries demonstrate better financial management due to greater access to resources, while smaller libraries face significant challenges. The study also highlights the importance of improved collaboration between librarians and finance professionals, as well as the need for financial literacy training for library staff. Based on these findings, the study recommends adopting scalable financial management practices, enhancing collaboration, and leveraging technology to streamline resource allocation processes. Looking forward, advancements in digital financial systems and AI-driven forecasting tools are expected to revolutionize how libraries manage their finances. This research contributes to the existing literature by offering actionable insights to improve the financial sustainability of academic libraries in an increasingly digital and resource-intensive environment.