Continuation from Part 1
Strategic considerations at the forefront of the financial modeling industry in the next decade include:
1. Web 2.0
2. A dedicated marketplace
3. Better modeling processes
4. Stop screaming. Start listening
5. Cognitive surplus – Friend, not foe
6. People culture
“The whole professional services landscape is changing so fast….[s]oon everything in the natural world will have a digital equivalent. Everything from social interactions, information systems, transactions and sensory systems will be replicated on the internet” Ross Dawson
The financial modeling industry has long existed as a ‘black art’ or sorts. There is near universal acceptance that financial models should be built in an easy-to-use, robust, flexible and fit-for-purpose manner. One of the primary challenges for the industry, and professional services more broadly, is a highly fragmented and difficult-to-define “services” supply chain. Information asymmetries and a healthy scepticism towards collaborative innovation appear to be preventing the flow of knowledge, resources and information to where they are most valued. This article will begin to explore some opportunities for effective supply chain management within the financial modeling industry. The article also begins to examine how the internet could be the catalyst driving transparency, openness, collaboration and accessibility of such financial models in the years ahead.
