Forming Financial backups through Intelligence Systems

Abstract

Financial intelligence is often regarded as a hedge against economic crises. Evidence of this can be seen from the perspective of the world financial crisis of the year 2010 which alerted the world of business to the risks involved in NOT regarding financial intelligence as an invaluable business asset. Major global organizations have succeeded to escape the dangers and miseries of the world financial crisis only because they used a set of financial intelligence systems in the form of knowledge, skills, and best business practices. The current research aims at showing how financial intelligence can enable leading organizations to improve their financial results, increase employee morale, and reduce employee turnover. It is apparent that although financial intelligence is concerned with financial issues, it is nevertheless an excellent tool that ensures the survival and growth of organizations, when such organizations build in such intelligence in other organizational functions, and culture. The paper shows that an effective financial intelligence system will enable the organization to comprehend its financial achievements within the framework of the big picture. In this sense, this kind of system, which is used by leading world organizations, is viewed as tool for improvement, as it is actually geared to making each employee capable of understanding and appreciating the role that financial intelligence plays in making sound decisions at all organizational levels. Efforts are being exerted by leading enterprises to ensure everyone in the company is financially intelligent