Advanced Analytics in Demand Forecasting: Integrating PredictHQ with Snowflake’s Cortex AI

Published on July 08, 2024

In today's dynamic business landscape, staying ahead of the curve in demand forecasting is no longer a luxury, it's a necessity. There are a myriad of external factors that impact demand but none more prevalent than events. Major events cause demand fluctuations for businesses across industries and of all sizes, making efficient operations and the opportunity to maximize profits a constant challenge. Fortunately, AI-Powered insights and predictive modeling are revolutionizing the way businesses are approaching and improving their forecasting methods. 

Incorporating intelligent event data into demand forecasting models empowers companies to identify patterns, trends, and outliers that impact their operations and bottom line. By harnessing this external data, they optimize pricing, staffing, and inventory management. For example:

  • A top 10 global hotel group is achieving 9X ROI by providing its revenue management teams with the necessary data and insights to better predict demand and enable smarter pricing and packaging of its rooms.

  • A large national QSR chain reduced errors in their demand forecast by 2%, allowing them to gain millions in benefits to the business via improved employee scheduling and inventory management.

  • A leading ridesharing business estimated a revenue impact of $1.3M due improved forecasting accuracy, enabling improved pickup times and rider satisfaction, powered by predictive demand intelligence.

This article explores how leading companies are using advanced solutions such as PredictHQ’s AI-Powered Platform and Snowflake's Cortex AI to improve forecasting, and how you can do the same. 

Forecasting is evolving to capture the dynamic nature of market conditions

Demand forecasting is evolving rapidly, driven by the increasing importance of AI in models. However, if machine learning and AI is only trained by static datasets such as historical transaction data, they lack the real-world awareness needed to power informed decisions. Events such as severe weather, disasters, concerts, and holidays are dynamic in nature.

For example, a well-known coffee shop in San Francisco saw over 700 more coffees sold in a single day due to a demand surge created by local school holidays overlapping with a major auto expo happening within a 1 mile radius. That same overlap likely didn’t happen last year and would be impossible to predict without a dynamic data set like PredictHQ. 

Companies across industries are bridging the gap between static models and the dynamic world with PredictHQ intelligent event data. Our powerful combination of verified events data, pre-built features, and demand analysis capabilities adds a dynamic layer of contextual data into your AI models. Understand and predict how external factors such as conferences and holidays impact everything from surges in bookings to supply chain disruptions.

The future of forecasting: AI trained on real-world events

Businesses across industries are reaching higher levels of forecasting accuracy and operational efficiency by training their AI models with reliable, unique, external data points such as:

  • Predicted Attendance: Know exactly how many guests to expect in events near your business, so you can prepare for increased foot traffic in advance

  • Predicted Event Spend: Adjust inventory levels and staff coverage based on anticipated direct spending driven by local events.

  • Predicted End Times: Strategically extend your operating hours to capture post-event foot traffic and maximize sales.

  • Historical Demand Analysis: Understand how past events such as concerts or sports games have affected your business, so you can better prepare for future ones.

By combining this extensive dataset with AI-powered solutions such as Snowflake Cortex, businesses can have a conversation with their data, uncovering valuable insights in an entirely new way. This integrated approach allows companies to anticipate demand fluctuations, identify hidden patterns, and respond to market changes with agility and precision.

Integrating PredictHQ with Snowflake’s Cortex AI 

Snowflake Cortex is a suite of AI and machine learning features designed to help businesses understand unstructured data, answer freeform questions, and generate actionable insights. 

Built on Snowflake’s data cloud, Cortex leverages advanced AI technologies to process and analyze data at scale. You can use Cortex to build generative AI applications with fully managed large language models (LLMs), chat with your data services, and much more.

Integrate PredictHQ’s data with Snowflake's advanced AI features to: 

  • Enhance models beyond historical data limitations 

  • Anticipate demand spikes and adjust their operations proactively

  • Quickly adapt to current trends and events

Check out a brief demo on how you can leverage Snowflake's Cortex AI And ML Forecasting with PredictHQ. PredictHQ's Chief Data Officer Dr. Xuxu Wang walks through how to use a couple of PredictHQ's API with Snowflake’s Cortex’s forecasting and co-pilot features for more accurate forecasting: 

Transform your demand forecasting with AI and contextual data

By leveraging PredictHQ’s data with Snowflake’s Cortex, businesses are achieving unprecedented accuracy and adaptability in their demand forecasting models. This AI-powered approach allows for quick adaptation in response to current trends and events, enhancing decision-making and profitability.

Join the ranks of companies embracing the future of demand forecasting with advanced analytics. Sign up or book a demo today to unlock your business potential by integrating predictive demand intelligence and cutting-edge AI technologies.