First Bit: Vector Budget Model (VBM)

Main article: Definition of Business Intelligence

2023: Creating a Scenario Modeling Tool

The company "First Bit" has developed a tool scenario modeling - vector budget model (VBM), which is based on accurate forecasts and estimates of artificial intelligence will help business to increase efficiency of budget planning. The company announced this on September 29, 2023.

As stated in the company, the development will allow organizations not only significantly reduce budget recalculation time, but also achieve financial targets from high degree of prediction accuracy. VBM uses multiple tools simulations such as inverse and direct calculations, sensitivity analysis and factor analysis.

{{quote "We tried to enrich the capabilities of the 1C platform by introducing machine learning tools into it to solve budgeting-related problems for our clients. The use of VBM will improve financial processes, see and compare several planning scenarios, predict efficiency and avoid possible risks, - said the product manager, expert of the company "First Bit" Ilya Kozlov.}}

Among the main advantages of the model, developers especially distinguish speed calculations. For example, calculate the required price level for goods or services in VBM will be able to make the desired profit for a given period of time. literally in seconds. Compared to "traditional" algorithms calculations of budget models it increases tens (sometimes hundreds) times due to using machine learning algorithms - neural networks, linear and polynomial regression. There are other development features: adaptive approach without the need to change the usual model for the company financial calculations and ease of setup.

Experts have already drawn attention to the development of the "First Bit" [[HSE 'of the Higher School economies]]. From the next academic year with the participation of IT integrator employees "First Bit" future financiers - HSE students - will be able to learn how to work with a vector budget model in practice.

Of course, we are very pleased to see such an active interest in our product. We are confident that cooperation with the Higher School of Economics will allow the release of the best specialists on the labor market who know how to work with financial modeling tools, "said Victor Alekseev, head of the First Bit Automation Department.