Beam: A Powerful Tool for Smarter Demand Forecasting
Beam: A Powerful Tool for Smarter Demand Forecasting
What is Beam?
You may have heard the old phrase - “Knowledge is knowing tomato is a fruit, wisdom is not putting it in a fruit salad”. The data we have is only as good as the way we use it. PredictHQ is the largest and most accurate aggregated source of event data in the world, but to be the best predictive intelligence company in the world, we knew we had to do more to ensure that data works for our partners. From this ambition, Beam was born.
Beam is the name of our cutting-edge relevancy engine, which takes the guesswork out of demand forecasting. Using the enormous source of data available in PredictHQ’s feature API’s, combined with data from your company analysing past events that impacted your business’s demand, Beam identifies patterns and applies this analysis to future events for better forecasting. This cuts through the data noise and allows you to focus directly on the events that matter in your future. Whether it’s for optimising your inventory management, staffing, dynamic pricing, or whatever you’re forecasting for, you can be better prepared with Beam. The in-app interface delivers engaging, intuitive insights, empowering you to focus on strategic decisions that will drive your business forward.
How Does Beam Work?
The heart of Beam lies in its advanced AI-enhanced analytics, on top of a seamless and convenient user experience. Beam employs sophisticated tools such as time series decomposition, automated regression, feature importance testing, and attribution models. These help uncover meaningful relationships between your historical demand data and external events. This data is then applied in an intelligent way to your future predictions. When combining PredictHQ’s data with your own internal data, Beam can produce your personalized report by identifying upcoming dates with similar compositions of impactful events from the past. This information is displayed in a rolling three-month time window with intuitive visual indicators, giving you a continuously updated snapshot to guide your business planning.
You can make Beam work harder for you using the Predicted Relevance tools: Beam highlights events most likely to influence your business in the Beam in-app timeline, adding in a relevance score so you can see at a glance what upcoming events you will need to focus energy on. This allows you to quickly cut through the noise and identify high-impact opportunities or risks without sifting through irrelevant data.
Go Further with Beam
Beam isn’t just restricted to the PredictHQ interface - you can produce custom Beam reports that can easily be shared with your relevant stakeholders and decisionmakers. These are detailed reports, including value quantification. This means you can attribute a specific financial impact to past events and understand how key factors interrelate over time using correlation charts.
Some businesses might find it preferable to use their own data within their own systems, rather than importing it into PredictHQ. Fortunately, you can still harness the power of Beam within your own environment. By using our fully-featured API integration, you can use Beam’s intelligence in your own models: Beam’s data is easily integrated into your existing forecasting models through the Features and Events APIs. Simply copy the functional API code generated by Beam into your code stack, select the desired request parameters, and you’ll have actionable data ready for your business models saving months of time and labour. By completing this simple step, PredictHQ customers have seen up to 10% increase in their own forecast accuracy.
How to Get the Most Out of Beam
Beam is designed to make demand forecasting as simple and impactful as possible. Here are some tips to maximize its potential:
Upload Historical Demand Data: Start by uploading your business’s historical demand data. Beam supports data at both daily and weekly levels, ensuring a tailored analysis for your specific needs.
No Data? No Problem: If you don’t have historical data available, Beam offers default industry samples to get you started immediately.
Integrate with Your Systems: Set up the API to feed Beam’s predictions directly into your existing forecasting models. This ensures your forecasts are always powered by the most relevant and up-to-date event data.
Review and Act: Use Beam’s visual indicators and analysis reports to identify critical trends, quantify event impacts, and plan your strategies confidently.
See Beam in Action
Get Started with Beam Today
Ready to unlock smarter demand forecasting?
Watch Beam in Action: Book a call with one of our product experts here, for a personalised call to see what Beam can do for your business
Start Your Free Trial: Sign up for a free trial and experience PredictHQ firsthand.
Beam isn’t just another data tool. It’s your partner in driving smarter, data-driven decisions. Discover the power of Beam and take your demand forecasting to the next level today.
