You likely have an existing forecast model, but are you incorporating external sources to ensure accuracy?
Dynamic pricing: Setting prices and packaging based on smarter forecasts.
Labor optimization: Ensuring the right number of drivers and store staff to meet demand.
Yield optimization: Tracking incoming demand ahead of the booking curve.
Merchant Services: Adding relevant demand causal factor insights to customer communications.
Amazon Alexa's "Events Near Me" feature uses PredictHQ data to inform users about local events.
Demand forecasting: Getting drivers in the right place ahead of time to improve pick-up times.
Many demand forecasting models only use internal data and simple rolling averages to predict demand for their stores, but volatility can shatter these forecasts easily. Whether volatility is caused from unforeseen events or major shifts in consumer behavior, restaurants miss opportunities to drive profitability and create efficient operations when forecast models don’t factor in external data.
Demand intelligence enables companies to ingest external intelligence into their models to improve restaurant forecasting efforts. Whether it’s TV viewership for NFL games, a nearby expo or severe weather data that impacts your store’s foot traffic, our enriched data is the single source of truth for external factors that drive demand volatility.
Gain insights into the external demand factors impacting your business
Set up staffing schedules based on anticipated demand
Align food inventory and purchasing with your improved demand forecasts
Historical transaction data and seasonality can guide forecasting direction, but forecasting models need external intelligence to ensure accuracy.
PredictHQ uncovers the demand causal factors impacting your business. Our data covers 18+ event categories so your models are factoring in a variety of external demand factors. TV viewership data – for example – allows QSRs to understand how live TV will impact food orders so teams can better anticipate demand spikes or lulls.
Anticipated demand directly impacts how store managers set up their staffing schedules. If you improve accuracy and reduce forecasting errors, you can better plan your workforce.
Train your forecasting models with demand intelligence and identify peak days for your establishment. Now you can guarantee the best customer service for your customers without having too many employees on the clock.
Monitoring ingredients and supplies for each shift allows you to reduce waste and improve profitability. But without insight into how external circumstances impact those inventory levels, your store could risk ingredient shortages or over-ordering.
Improve your restaurant inventory management and keep food and waste costs under control by reducing forecasting errors and ensuring accuracy with demand intelligence.
Lineup uses PredictHQ's demand intelligence to reduce forecasting errors and improve model accuracy. During initial trials, Lineup’s forecasting was 35% more accurate when leveraging demand intelligence.
There are always going to be things you’re not going to know ahead of time, especially with restaurant demand. The goal is to ensure they can help restaurants get the most accurate predictions possible, exactly when they need them to drive profitability.
Read Lineup’s Story
Improve your forecasting models for more accurate predictions
Maxmize revenue by predicting demand
Know your demand in advance to optimize schedules
Forecast smarter to optimize inventory levels
Identify your demand catalysts for smarter analytics
Use intelligent event data in your data lake
Contact our data science experts to find out the best solutions for your business. We'll get back to you within 1 business day.
Dynamic pricing: Setting prices and packaging based on smarter forecasts.
Demand forecasting: Getting drivers in the right place ahead of time to improve pick-up times.
Labor optimization: Ensuring the right number of drivers and store staff to meet demand.
Amazon Alexa's "Events Near Me" feature uses PredictHQ data to inform users about local events.
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