Here's how to create value in Finance - without learning SQL
Anders Liu-Lindberg
Leading advisor to senior Finance and FP&A leaders on creating impact through business partnering | Interim | VP Finance | Business Finance
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More and more frequently, Finance professionals are told that their future is dependent on one thing: coding skills.
In the first article in this series (click to catch up if you haven't already read it ) I looked at some recent polls I've run on LinkedIn and questioned the assumption that, in order to progress in our careers, Finance professionals need to essentially shift the focus of their work towards coding and data science. There is a growing assumption that we all need to learn SQL or Python. I completely disagree. First, let's look at why.
Use the tools, don't build the tools
We use technology every day - indeed, almost every single one of us, we rely entirely on digital tools for all aspects of our work. It's very important that we understand those tools, and there is certainly something to be said for being able to whip up custom solutions to specific problems. We all understand the benefits of bespoke systems and process design.
But that doesn't mean you need to be a data scientist. Learning how to use the tools is not the same as learning how to build them - these are fundamentally distinct skill sets. We don't expect the bus driver to know how to weld an engine.
Moving up the value chain
Our responsibility is to ensure that we are using the tools in the most efficient way, in pursuit of better real-world outcomes for the business. We are not technicians; instead, we can generate value much further up the chain.
This is where the business partnering mindset comes in. Our value as Finance professionals should be derived not from our technical abilities (which will soon be even less relevant as the technical work of Finance and Accounting is completely outsourced to machines), but from our creative thinking, strategic insight, communication skills, and leadership instincts.
The modern Finance professional is concerned with becoming a nexus of collaboration between different functions; a facilitator enabling better decision-making and generating improved outcomes. This is accomplished not by learning more code, but instead through an expansion of the horizons of the Finance Function.
Engage with technology mindfully
The digital transformation revolution has brought countless benefits and has completely reshaped the Finance Function. The speed and degree of change have meant that it can sometimes feel as if the tech is setting the priorities, rather than being deployed in the service of broader strategic goals.
We need to learn to engage with technology in a mindful way. I think the rush amongst Finance professionals to learn to code is an example of our failure to do this. It's important that we remember that the tools aren't useful or meaningful on their own; they only become so when they help us achieve better outcomes.
So let's focus not on learning Python but instead on honing the skills that help us create the most value: collaboration, communication, and insight-generation.
This was the second article in my new series about coding. You can read the past article(s) below.
While you await future articles why not read my latest series about frontier technologies in Finance? You can read all the articles below.
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Continue reading below for more articles about how digital is impacting Finance.
Anders Liu-Lindberg ?is the co-founder and a partner at the?Business Partnering Institute ?and owner of the largest?group dedicated to Finance Business Partnering ?on LinkedIn with more than 10,000 members. I have ten years of experience as a business partner at the global transport and logistics company?Maersk . I am the co-author of the book “Create Value as a Finance Business Partner ” and a?long-time Finance Blogger ?on LinkedIn with 70.000+ followers and 150.000+ subscribers to my blog. I am also an advisory board member at?Born Capital ?where I help identify and grow the next big thing in #CFOTech.
B.Com (Hons), PGDM (Fin) || 18 Yrs Exp || Contract Administrator; Budget Allocation; Finance Controller; Accounts Receivable; Treasury || Team Manager; Individual Contributor || Process Improvement; Quality Improvement
2 年I was looking for some jobs in the finance transformation area and I see Black Belt and Master Black Belt as the qualifications required. I look for finance analysis and I see the proficiency is a must in SQL, Python, Alteryx. I have begun to wonder, what has any of these qualifications got to do with finance? Now that I read your post, I realise I haven't lost sanity yet. Hopefully, this fad of looking for RPA, Coding, 6 sigma, data analysis tools will fade away. And start to look for pros in finance and accounting and will to learn whatever ERP and tools the organization has for Finance and Accounting role.
Business Consultant | Data Management | Accounting | Business Analysis | Project Management | Transformation | Agile | Life long learner
2 年Anders. What do you think are the main drivers for so many Finance professionals believing they need to learn to code? I take your point that Finance professionals can not be masters of everything nor should they try to be. I believe that in large part it is driven by a desire to be less IT dependent because too often Finance professionals view IT as lacking the understanding and sense of urgency required to resolve problems in the timeframe the business environment now demands.
FINANCE MANAGER /PROJECT MANAGING FINANCE ERP / PEOPLE PERSON/COLLABORATIVE CHANGE MANAGER/
2 年Interesting! I like that Google gives non code tools. I 1st came across the scenario when I found my children were developing gaming themes and character traits on gaming platforms without coding skills.
Sr. Director of IT Infrastructure
2 年No Code capability is gaining in popularity...
??I train, coach and develop finance teams and individuals how to business partner other functions and influence the C-suite
2 年You should run a poll Anders - how many CFOs and senior finance executives know how to write code I would guess less than 10%