Introducing the Forecasts API — Event-driven forecasts for precise demand planning. Fast, accurate, and easy to run.
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  • Introduction
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        • Troubleshooting Guide for Forecasts API
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        • Displaying Events in a Heatmap Calendar
        • Displaying Events on a Map
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      • What Are Labels?
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      • See Event Trends in the WebApp
      • What is Event Trends?
      • Live TV Events
        • What is Live TV Events?
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      • Labels
        • What Does the Closed-Doors Label Mean?
    • Beam (Relevancy Engine)
      • An Overview of Beam - Relevancy Engine
      • Creating an Analysis in Beam
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      • Viewing the List of Analysis in Beam
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      • Feature Importance With Beam - Find the ML Features to Use in Your Forecasts
      • Beam Value Quantification
      • Exporting Correlation Data With Beam
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      • Grouping Analyses in Beam
      • Using the Beam Graph
      • Viewing the Time Series Impact Analysis in Beam
    • Location Insights
      • An Overview of Location Insights
      • How to Set a Default Location
      • How Do I Add a Location?
      • How Do I Edit a Location?
      • How Do I Share Location Insights With My Team?
      • How Do I View Details for One Location?
      • How Do I View My Saved Locations as a List?
      • Search and View Event Impact in Location Insights
      • What Do Each of the Columns Mean?
      • What Is the Difference Between Center Point & Radius and City, State, Country?
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  1. Getting Started
  2. Tutorials by Use Case

Inventory Management

PreviousDynamic PricingNextWorkforce Optimization

Last updated 1 month ago

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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.

Consumer Packaged Goods

To implement PredictHQ data to manage inventory for your consumer packaged goods business, review the options below:

  • No code: Use PredictHQ's WebApp, to unlock demand data weeks and months in advance to inform your inventory updates. 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 and .

  • Load event data to your warehouse: Take PredictHQ API data and load it into a data warehouse. .

  • Machine learning models: Automatically and dynamically update your inventory management by integrating PredictHQ data directly into your demand forecasting models.

Getting Started

  1. Quick for consumer packaged goods:

    1. Relevant Event Categories: public holidays, performing-arts, conferences, conferences, community

    2. Location Type: City

    3. 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.

Retail & Restaurants

To implement PredictHQ data to manage inventory for your retail or restaurant business, review the options below:

Getting Started

    1. Relevant Event Categories: public holidays, performing-arts, community, conferences, festivals

    2. Location Type: Center Point & Radius

    3. 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.

Other Industries

To implement PredictHQ data to manage inventory for your business, review the options below:

No code: Use PredictHQ's WebApp, to unlock demand data weeks and months in advance to inform your inventory updates. 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 and .

Load event data to your warehouse: Take PredictHQ API data and load it into a data warehouse. .

Machine learning models: Automatically and dynamically update your inventory management by integrating PredictHQ data directly into your demand forecasting models.

Quick for retail and restaurants:

No code: Use PredictHQ's WebApp, to unlock demand data weeks and months in advance to inform your inventory updates. 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 and .

Load event data to your warehouse: Take PredictHQ API data and load it into a data warehouse. .

Machine learning models: Automatically and dynamically update your inventory management by integrating PredictHQ data directly into your demand forecasting models.

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