Improving Project Management in Capital Market Regulators: A Software Development Perspective

The Indonesian Stock Exchange (IDX) is a capital market regulator that relies heavily on information technology (IT) for its operational activities. The IDX faces substantial difficulties in software development due to frequent changes initiated by various divisions, resulting in extra third-party charges for each request and leading to substantial costs. This article aims to identify the factors influencing resource allocation costs and to provide recommendations for improving resource allocation in software development project management. This article used a mixed-method approach combining both qualitative and quantitative methodologies, which involves conducting interviews with multiple stakeholders and reviewing literature that employs various frameworks, such as project management body of knowledge, control objective for information technologies, and simple multiattribute rating for decision-making. The primary objective of this article is to identify and categorize the key factors influencing decisions on sourcing schemes in software development project management by examining resource allocation and prioritization, particularly in engagements with third parties. This article provides insights to enhance the efficiency of software project management practices. This article proposes company to adopt the Synergy Blend approach to improve resource allocation and project management within software development. The Synergy Blend approach combines the elements of waterfall and agile methodologies based on each software's specifics in maximizing resource allocation and aligning project goals. However, the implementation of the IT program and portfolio management has limited improvement benefits. Furthermore, this article directly supports the growth of the company by optimizing resource allocation, reducing costs, and enhancing software development processes.