Reveal your demand drivers with Beam, PredictHQ’s correlation tool
Beam is PredictHQ’s automated correlation engine you can leverage to reveal the events that drive demand for your business. With Beam, you simply upload your demand data, and it shows you the correlation against events data – so you can see what types of events have historically impacted your demand, and how.
Previously, users had to collaborate with our team to leverage Beam. We have now opened up the tool to be self-service. Beam is now enabled for all users of our web application, including the free plan and 14-day free trial (which includes unlimited access to our APIs). We've launched it to all users – which means any PredictHQ user can now upload their data into Beam and receive a correlation analysis. You can also export the decomposed data from Beam.
By decomposing the raw demand data into baseline and remainder, the output can be useful to improve the performance of forecasting models, as well as to help with the feature selection for demand forecasting models.
How does Beam work?
Beam converts unstructured, dynamic event data into a workable dataset, allowing data science teams to use intelligent event data in machine learning models. It combines and correlates our event data with your transactional demand data in the following steps:
With these steps, Beam turns 72 days of work into just 52 seconds – that way you can start incorporating these insights into your plans for staffing, inventory, site selection, and more right away.
Leverage Beam to reveal your demand drivers today
Beam has revealed significant demand insights for companies across industries – including quick serve retailers, accommodation providers, and more. For example, Beam revealed a consistent spike in demand for skinny lattes to the tune of 140-190% over the span of multiple years, which was correlated to the annual Salesforce Dreamforce conference in San Francisco. These long-term insights powers the coffee shop’s ability to:
Maximize sales by matching staffing and inventory levels to demand during Dreamforce week
Leverage occasion-based marketing to drive the influx in foot traffic to their shop, instead of to their competitors
Look further into how other conferences have historically impacted their demand, in order to identify additional opportunities for event-based promotions, specials, or menu items
Log into your account today to upload your historical data, and let Beam reveal the event categories that drive demand for your business – so you can start leveraging these insights to make data-driven business decisions.