On June 10th, 2023, we had the distinct pleasure of hosting a guest lecture featuring Mr. Shivam Saxena, a respected Cost and Progress Analyst from Nokia Solutions Networks-GNAP, Noida. The enlightening session, attended by a broad spectrum of our students, focused on the concepts and techniques of financial forecasting and the significance of financial ERPs (Enterprise Resource Planning).
Demystifying Financial Forecasting
Mr. Saxena began by introducing the attendees to the realm of financial forecasting. This process involves estimating future financial outcomes based on historical data, trends, and various assumptions and scenarios. With his practical insights, he elucidated how businesses could anticipate their financial trajectory, thus enabling strategic decision-making and risk management.
The Power of Financial ERPs
The latter part of the session was dedicated to the explanation of Financial ERPs. These are software systems that integrate a multitude of financial functions, including accounting, budgeting, invoicing, payroll, and taxation. By deploying financial ERPs, Mr. Saxena explained, organizations could streamline their financial processes, reduce errors, enhance compliance, and gain comprehensive insights into their financial performance and associated risks.
A Practical Look into SAP Software
An interesting highlight of the session was the live demonstration of SAP software’s application in financial forecasting. This offered students a tangible look at the implementation of theoretical knowledge in a practical setting.
The Takeaway
The guest lecture proved to be an enriching experience for all participants, providing valuable knowledge in financial forecasting and ERP systems’ crucial business aspects. Attendees walked away with enhanced understanding and skillsets applicable to planning, monitoring, and optimizing business operations and finances.
We are grateful to Mr. Saxena for taking the time to share his knowledge and experience with us, and we look forward to more such enlightening sessions in the future.
Stay tuned to our blog for more updates and recaps of upcoming guest lectures and events at our institute.
