Optimal staffing levels can increase sales performance and drive efficient operations. Reduce labor costs and increase profitability with PredictHQ
Companies invest millions of dollars in software to optimize labor costs, but there are an abundance of external factors you might not be considering to improve forecasting. Legion Technologies - a workforce management platform - has seen labor forecasts become 98% accurate after investing in intelligent event data.
Labor costs are one of the largest expenses for most companies. For retailers, these costs average roughly 20% of total revenue — more than the cost of inventory in many cases. Other industries such as food and hospitality often see this percentage closer to 30-35%. Demand intelligence helps data science teams identify demand catalysts based on intelligent event data so you can determine a lean working schedule for employees.
Real-world event data is always changing, difficult to standardize, and often messy with duplicate events and spam. PredictHQ solves these issues for their customers - Legion Technologies reduced the development and implementation time spent on culling events by 20% when investing in demand intelligence. The core of demand intelligence is high quality data that is aggregated, cleansed, enriched, and ranked. Data science teams can access intelligent event data through our API.
Integrate demand intelligence to create more efficient work schedules with these steps:
Identifying the aggregate impact of historical events can help businesses correlate historical demand to real-world events quickly.
After correlation is defined, businesses gain visibility into which event categories—such as conferences or concerts—impact their business most. Use the PredictHQ API to train your forecasting models to predict future demand using intelligent event data.
Create staffing schedules that directly align with predicted demand so you’re delivering an ideal customer experience without overspending on labor.
Events drive influxes of traffic and demand in your area. Improved workforce optimization means you can reduce labor costs, improve guest satisfaction, and decrease employee turnover.
Outside of minimizing labor costs, workforce optimization generates more sales if stores are staffed at the right level.
Identify unforeseen events that will impact your peak hours and update work schedules to avoid understaffing. Optimized staffing ensures you’re not missing sales.
Labor costs are roughly 50% of a hotel’s operating expenses. Reduce hotel operating costs by staffing properties based on predicted demand.
Dispatch the right amount of drivers, assets or logistics teams into an area to maximize ride profitability.
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Head of Data Science at Legion Technologies
Head of Product at HQ plus
Head of Offer Optimization of Airlines at Amadeus
CEO and Founder of Wheelhouse
Travel Appeal CEO and Founder
CIO at Online Republic
