Inventory Management
Last updated
Last updated
© 2024 PredictHQ Ltd
Maintaining lean supply chains and appropriate inventory levels drives cost savings and maximizes sales. Understanding how events impact demand will help you do both, better.
Using our product and tools as described below will allow you to anticipate and prepare for the upcoming demand impact driven by events and ensure your inventory management accounts for it.
To implement PredictHQ data to manage inventory for your consumer packaged goods business, review the options below:
No code: Use Control Center, the PredictHQ web application, to unlock demand data weeks and months in advance to inform your inventory updates. Read more about Event Trends.
Business Intelligence (BI) tools: Integrate PredictHQ data with your Power BI or Tableau (or other analytics tool) inventory management workflows. See the Power BI Tutorial and Tableau Tutorial.
Load event data to your warehouse: Take PredictHQ API data and load it into a data warehouse. Read tutorial.
Machine learning models: Automatically and dynamically update your inventory management by integrating PredictHQ data directly into your demand forecasting models. Read tutorial.
Getting Started
Quick filters for consumer packaged goods:
Relevant Event Categories: public holidays, performing-arts, conferences, conferences, community
Location Type: City
Minimum PHQ Rank: 30
Example in Practice
In 2023, PredictHQ recorded 49,574 festivals, 76,498 conferences, and 1,195 public holidays and observances in the United States. The cumulative impact of these events on businesses is huge.
Festivals draw large crowds, boosting sales of products like bottled water, energy drinks, sunscreen, and ready-to-eat foods at local stores. Conferences attract professionals and tourists, increasing demand for quick meals, bottled beverages, and personal care products, among other items. Holidays typically spike demand for specific consumer goods like beverages, snacks, and festive decorations.
Incorporating event data into your demand forecasting significantly improves prediction accuracy and helps you effectively manage fluctuations driven by events.
To implement PredictHQ data to manage inventory for your retail or restaurant business, review the options below:
No code: Use Control Center, the PredictHQ web application, to unlock demand data weeks and months in advance to inform your inventory updates. Read more about Event Trends.
Business Intelligence (BI) tools: Integrate PredictHQ data with your Power BI or Tableau (or other analytics tool) inventory management workflows. See the Power BI Tutorial and Tableau Tutorial.
Load event data to your warehouse: Take PredictHQ API data and load it into a data warehouse. Read tutorial.
Machine learning models: Automatically and dynamically update your inventory management by integrating PredictHQ data directly into your demand forecasting models. Read tutorial.
Getting Started
Quick filters for retail and restaurants:
Relevant Event Categories: public holidays, performing-arts, community, conferences, festivals
Location Type: Center Point & Radius
Minimum PHQ Rank: 50
Example in Practice
Whether you are looking after health and pharmaceutical products, food and beverage supply chains, retail store inventory, or other sectors, event data can enhance inventory prediction and management.
For example, pizza stores in New Jersey see a 50% drop in demand when the New Jersey Devils play about 2 miles away, likely due to these events drawing away potential customers, reducing in-store purchases. Similarly, a restaurant chain in London experienced a 25% increase in demand when two major sports events were taking place nearby and attracted a combined attendance of over 50,000. These instances demonstrate how event data can inform strategic inventory decisions.
To implement PredictHQ data to manage inventory for your business, review the options below:
No code: Use Control Center, the PredictHQ web application, to unlock demand data weeks and months in advance to inform your inventory updates. Read more about Event Trends.
Business Intelligence (BI) tools: Integrate PredictHQ data with your Power BI or Tableau (or other analytics tool) inventory management workflows. See the Power BI Tutorial and Tableau Tutorial.
Load event data to your warehouse: Take PredictHQ API data and load it into a data warehouse. Read tutorial.
Machine learning models: Automatically and dynamically update your inventory management by integrating PredictHQ data directly into your demand forecasting models. Read tutorial.
