Like PB&J - why Finance and coding are made for each other
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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Throughout this series, we've looked in-depth at the ways in which data science, automation, and 'coding' are changing the face of career development in the Finance Function.
As we've seen, the common refrain that 'everyone needs to code', while well-meaning, is not necessarily true. There are, of course, as many different careers within Finance as there are Finance professionals, and the opportunities for specialism have never been greater.
Digitization is the name of the game
The rapid rise of automation and software-assisted processes within the Finance Function has increased the importance of digital skills generally. As I've set out in separate series, I think it is crucially important that we do what we can to build a deep knowledge of the processes and programs that we are using and designing in order to ensure that they are working for us not the other way round.
But this doesn't mean we all need to code. A mindful understanding of the technologies we are using does not necessarily require us to know how to build those technologies from the ground up. We need to drive the bus - we don't necessarily need to weld the engine.
False dichotomy
This has been presented as a dichotomy, or at the very least as a point of contention: if Finance is to survive as a profession, don't we all need to drill down further into the tech? I think this is an incorrect framing of the question. Instead, I believe, we should encourage the intermingling of the two disciplines such that our organizations benefit from specialist Finance knowledge alongside a more holistic approach that encourages the embedding of digital skills throughout every Function.
What we will see, I believe, is not the 'death' of specific disciplines or specialisms (for example, technical accountancy) but rather the birth of a multitude of entirely new jobs dedicated to value creation - that is, I believe we will see the continued rise of the business partnering role.
Finance and coding are like peanut butter and jelly (for our American friends), Thelma and Louise, The Two Ronnies - they're meant to be together, not in opposition. They each have specific and individual roles to play, but they reach their potential only in combination.
The digital transformation of the Finance Function is continuing apace, but this is an opportunity, not a risk, especially if you are an early- or mid-career Finance professional. There is an entirely new world of jobs about to open up. Create value, learn about your organizations, and think holistically, and we will all benefit. Do you agree that Finance and Data Science are like PB&J?
This was the seventh and final article in my latest 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 the 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 85,000+ 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. Finally, I'm a member of the board of directors at PACE - Profitability Analytics Center of Excellence where I support the development of new analytics frameworks that can improve profitability in companies around the world.
Financial Business Analyst | Army Officer | Blessed Man
1yI feel like when I' m writing a complex Excel formula I am 'coding" although I'm sure coders would laugh. Learning python however and learning more about automation excite me as a finance professional
IT Engineer for M&S Tech Bar (FDM)
2y100% agree, having a more holistic approach how we can combine finance and data science opens so many doors. We can already see how much the advancement of technology has improved other factors like the financial world. Just need to find time to read the rest of your articles 😊
Building Supervity AI ✨🚀
2yNo code finance automation solutions are bribing the gap and bringing these two distant worlds of finance and coding together. Next gen finance creators are coming! 👩💻👨💻😊
Fortune 500 Finance VP • Ex-Google, Ex-Microsoft, Ex-GE • 50K+ Followers Across Social Media • 1,100+ People Read My Newsletter • I Write About Tech, Business, And Life In Your 30s
2yAnd as time goes by, low-code/no-code technologies will become more ubiquitous. Tools like PowerApps from the Microsoft suite allow people who have never coded before to develop an application with just clicking, dragging, and typing. There’s no point in spending time learning how to code an application from scratch when something like this gets you to the finish line faster and without “bugs”.
Helping business professionals get more time with automation and integration | CEO at West Consult
2yFinance and coding go together absolutely Anders! We have built our company into a multi-million dollar business and a key strategy was hiring smart Finance Professionals and teaching them advanced skills like coding. In the consulting space adding value is critical - and being able to code or at least understand the world of coding and what is possible, then using this to solve customers' pain points, is how we grew really fast. The same would apply in the world of Finance Business Partnering.