Master Demand Forecasting with the Power of PredictHQ’s Global Event Data
The Forecast Journey from Internal to External data: How to pick your perfect PredictHQ product.
Every business strives to predict future demand, but traditional methods often fall short. Many companies begin with spreadsheets and internal sales data, which, while useful, fail to account for the countless external factors that influence demand. Weather changes, major events, school holidays, and transport disruptions can drastically impact customer behavior—yet they don’t show up in internal models.
The Cost of Forecasting Blind Spots
One of the biggest challenges in demand forecasting is accounting for anomalies - unpredictable deviations from standard demand patterns. Traditional statistical models primarily rely on historical sales data, ignoring real-world external influences. This creates what’s known as the forecasting error gap, a miscalculation that can cost businesses hundreds of thousands in lost revenue due to misallocated resources and missed opportunities.
Across a year, this gap is significant: PredictHQ’s analysis of $5.3T in daily demand data reveals that up to 10-24% of annual demand is ‘non-standard,’ driven by external events that traditional models overlook.
Elevate Your Forecasting with External Data
To close this gap, businesses need access to high-quality external data; but sourcing and integrating it isn’t always straightforward. PredictHQ simplifies this process by offering the most comprehensive external event intelligence in the world, proven to explain up to 40% of demand variability.
Ways to Integrate External Data into Forecasting:
Manager Override: Manually adjust forecasts based on known external factors—a basic but limited approach.
Ensemble Modeling: Run multiple models simultaneously with different weightings. Combining PredictHQ Forecasts with your internal models is the most effective way to introduce external data.
Challenger Models: Use external forecasts as a challenger model to refine and optimize your ideal forecasting approach.
Choosing the Right PredictHQ Solution
PredictHQ’s products integrate seamlessly into your forecasting process, meeting you where you are:
1. Just Getting Started?
If you want to explore how external data impacts demand without deep integrations, PredictHQ’s Web App is the perfect entry point. Easily browse, filter, and analyze event-driven demand shifts. Upload your historical data and leverage Beam, our correlation engine, to identify which events truly impact your business.
2. Ready to Upgrade Your Forecasting Models?
Introducing PredictHQ Forecasts—a new, ready-to-use product designed for businesses eager to incorporate external data quickly and efficiently.
Boost forecast accuracy by up to 25% using real-world event data.
Reduce development time—our forecasts are available via API or can be deployed directly into your own environment.
Ideal for businesses looking for a fast, high-ROI solution with minimal setup.
3. Enhancing Machine Learning Models?
For companies already leveraging ML-driven forecasting, PredictHQ’s Features provide enriched event-based data sets to refine and improve predictive accuracy.
Gain access to over 100 pre-built features tailored specifically for refining ML models.
Seamlessly integrate event intelligence into your forecasting models - plug features directly into your forecasting models via our APIs or Python SDK.
4. Building Custom Forecasting Solutions?
For enterprises with robust data science teams, PredictHQ offers unparalleled access to our most comprehensive event and broadcast data.
Fuel your custom models with deep, structured event intelligence directly through our Event and Broadcast API’s
Use Beam to focus on the events that matter with PredictHQ Rank™, Local Rank™, Predicted Radius, and more.
Key Considerations When Selecting Your Solution
Data Requirements: All PredictHQ event data comes with high quality intelligence such as location and event category, which is sufficient for most projects. However our Events product provides even more granular detail such as event end times.
Development Resources: PredictHQ Forecasts offer a quick-start solution through easy-to-integrate API’s, reducing the need for complex engineering.
Data Science Maturity: Whether you need a no-code web interface or advanced ML-ready data, PredictHQ products have you covered. Established data teams can make use of Features to improve their models, or pull in Events for even greater customised insights.
Time to Implementation: PredictHQ’s Forecasts can be integrated in under a month, accelerating ROI and reducing risk.
PredictHQ: Powering Smarter Demand Forecasting
No matter your industry, data maturity, or forecasting sophistication, PredictHQ has a solution tailored for you. Whether you’re starting your journey with external data or refining an advanced forecasting model, our products ensure you make the right decisions, at the right time—driving profitability and efficiency.
Unlock the power of external intelligence. Upgrade your forecasting today with PredictHQ.
Book a Demo: Let our experts show you how PredictHQ can help transform your business.
Start a Free Trial: Dive into the power of PredictHQ with our 14-day no-obligation free trial.
