Importance of ‘Finance’ and ‘Digital Payments’
The series of guest lectures on Saturday for the BMS students (First Year & Second Year) at Indsearch, kickstarted with ‘Branding’, followed by ‘Idea Generation’ in the week after and on Saturday, 29th July 2017, adding value to this series of guest lectures, we had Dr. Sharad Joshi, who provided a valuable insight into the role of a Finance Manager in an organization and also how lucrative it would be to take up Finance as a career.
This guidance was forthcoming from a man who is a professor of Management since 1995 and his illustrious career has seen him as Head, Department of Management, University of Pune (PUMBA) and Director, Vishwakarma Institute of Management. He has been associated for research with various National & International Institutes.
Sir opened the lecture on the need of Finance Manager for any organization with a simple emphasis on financial needs of any organization or simply the ‘need for money’. He then explained the classification of ‘need for money’ on 2 aspects i.e. ‘Short Term Need’ and ‘Long Term Need’ by quoting relevant examples such as a finance manager ensuring flow of money through sales, provide for shortage or check surplus and always ensure balance in the bank. This was accompanied by practical insight on how Finance Managers take care of these needs in day-to-day situations by taking loans to provide for shortage and/or investing the money whenever there is a surplus with reference to the ‘Short Term Need’ and how they ‘go after’ the shareholders to provide for the ‘Long Term Need’.
Time and again Dr. Joshi emphasized the need to go through financial newspapers such as Economic Times, Business Standards on a daily basis, to understand the financial needs of organizations and chided the students to go through it in the lecture itself to understand the basics.
He also shed light on the skill sets required to become a Finance Manager and it was no surprise as it was coming from someone who has been Financial, Computer and Management Consultant for 27 years (1968-1995). He emphasized that the best Finance Managers needed to be vastly informative, have a strong network, have in-depth theoretical financial knowledge, should be well versed with the latest tools and techniques in the market and must be extremely IT savvy. He then very easily explained the branches of finance broadly, Corporate Finance and Banking, Financial Services & Insurance (BFSI) and how these sectors had an unending need of good Finance Managers who would be paid handsomely as they would be dealing with the ultimate requirement of any business, i.e. ‘money’.
Sir also explained the process of Digital Payments and this was quite easy for everyone to understand as the after effects of ‘Demonetization’ had made everyone use this mode of payment almost on a daily basis. This included insights into the methods of digital payments namely National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), Unified Payments Interface (UPI), to name a few.
The valuable guidance given by Joshi Sir made them aware of the challenges and perks associated with this undeniable functional area of management.