#180: Why Chasing Shiny Toys Won’t Enhance Your Finance Value Chain But These Tips Will

with Lance Rubin

Our Guest Mentors:

Lance Rubin is founder and CEO of Model Citizn and over the last two decades has a strong reputation throughout the industry of being a highly accomplished and lateral thinking financial modeler.  Lance qualified as a chartered accountant (CA ANZ), an ex- Investment Banker and contractor to the KPMG modelling team, ex-CFO of a fintech, Group CFO for SequelCFO, Directors of BGC Consultants, technical trainer for the Financial Modeling Institute (FMI) and partner of the accounting & finance training firm The Outperformer. His debate on #sitn with Chis Argent on Is Excel Dead? Ranks #1 on Google if you search “Excel is Dead”. 

Lance is currently based out of Melbourne, Australia although is a regular traveller working with clients and conducting financial modelling courses worldwide. 

 

Key Quotes From the Episode: 

“[On financial modelling] Financial modelling is about decision making, forget the word financial modelling, it’s about better decision making.” [03:28]

“[On what is fascinating him at the moment] Technology is forcing us to become more human because we are not going to be stuck behind our spreadsheets because a lot of us is going to be done.” [10:04]

“[On what analytics is] Analytics is about lots of data.” [13:55]

“[On what analytics is] Whilst there might be larger organisations who have bigger budgets they’re not focussing on the human side, the people side, and so we’re chasing the latest shiny toy thinking that’s going to solve our problems and getting all these bots but in the end we really got to think about how are we going to communicate to the business, how are we going to sell the value?” [17:52]

 

(Other resources and how to connect with Lance below).

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Key Points From the Episode: 

  • Lance goes through his concept of the “three stack, tech stack” within the finance value chain. 
  • Lance and I debate on who’s doing best around the world when it comes to their improving their finance value chains.  
  • Why we get modelling and analytics muddled up and what is really the difference. 
  • On why we still need finance professionals despite the threat of automation we take about an example from Elon Musk. 

Time Stamped Show Notes 

[02:39] – Lance shares what he’s been up to since the “Excel Is Dead” Debate. 

[04:58] – Lance goes through his concept of the “three stack, tech stack” within the finance value chain. 

  • Automation: Transactional workflow & data automation (the issue of ERPs selling the value of end to end) getting your house clean – more machine less human 
  • Analytics: 4 types Backward (diagnostic & descriptive) and forward (predictive & prescriptive) analytics – some human more machine 
  • Financial modelling and planning – 3-way modelling, interaction with the business – less machine more human 

[10:48] – On why we still need finance professionals despite the threat of automation we take about an example from Elon Musk. 

[13:30] – Why we get modelling and analytics muddled up and what is really the difference.  

[17:10] – Lance and I debate on who’s doing best around the world when it comes to their improving their finance value chains. 

[22:30] – We discuss whether Finance are really being curious, trying out new tools, investigating new technologies. 

[25:03] – The resources Lance recommends to audience check out. 

[28:00] – How best to connect with Lance. 

[31:47] – Lance’s parting thoughts on believing and taking care of ourselves.   

Resources Mentioned: 

The Subtle Art of Not Giving A F*ck: A Counterintuitive Approach to Living a Good Life Hardcover – 13 Sep 2016 by Mark Manson (Author) 

Kindle: https://www.amazon.com/dp/B019MMUA8S  

Audiobooks: https://www.amazon.com/dp/B01I29Y344  

 

Connect with today’s guest: 

 


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