SAN FRANCISCO, July 28, 2020 (GLOBE NEWSWIRE) — PredictHQ, the demand intelligence company, today announced a new Notifications platform that makes its API of intelligent event data instantly actionable. In addition, PredictHQ announced a new category that it is now tracking called Health Warnings, so the platform and API can be used to track epidemic and biological health hazard warnings, as well as pandemics and lock downs – both starting or easing.
Each year, businesses lose billions in revenue due to their inability to accurately forecast the demand causal factors, such as events that change demand, customer interest and activity. This is due to the challenges of tracking and predicting the impact of events in advance, which are difficult to identify at scale because of their dynamic nature and diversity: severe weather, sports games, school holidays and more. Companies that rely on historical trends without knowing why those trends occur leave them underprepared to meet their customers’ needs. On top of this, the COVID-19 crisis has intensified these challenges and business operations teams are desperate to stay informed about all disruptions due to closing and opening orders from state governments.
“The questions we’re getting constantly from customers are what events are coming up, how are they changing and how can I know about them first? While many impactful events continue, others are canceled or postponed requiring businesses to know new dates ASAP,” said Campbell Brown, PredictHQ co-founder and CEO. “We understand that demand is complex and volatile, further compounded by the chaos caused by COVID. Therefore keeping our customers informed in real-time on potential incremental or decremental impact to their demand is mission critical.”
With PredictHQ’s Notifications platform, companies can know almost instantly when relevant demand causal factors are planned or as breaking unscheduled events occur so they can respond quickly. This means they can update their staffing, stocking, and supply chain plans and pricing strategies immediately to capture as much of the demand as possible. The Notifications platform enables a broader cross section of a business — from operational managers, COVID-19 recovery teams right up to chief revenue officers — to know immediately when an impactful event is scheduled or updated, or as breaking events occur in real-time, so decision makers can respond swiftly. The Notifications platform also allows companies to set up alerts with thresholds for when a cluster of impactful events is detected and will collectively spike demand in particular locations. These clusters are often made up of smaller events, which are easy to underestimate.
“Every moment matters in demand forecasting,” said Kevin Ger, VP of Revenue Management, Alaska Airlines. “Imagine finding out a couple of hours too late that say Coachella is scheduled for a different weekend in April than years past. That delay cost millions of dollars in a missed opportunity to update pricing to reflect demand. With Notifications, we won’t have to worry about this ever again for any event that impacts our business.”
Health Warnings Provides Instant Insight to all Health Related Events, Especially COVID-19
The biggest challenge facing demand forecasting teams around the world is the constantly evolving impact of COVID-19. PredictHQ enabled global tracking of all lockdown restrictions starting and easing in May and now adds to this capability with their new category, Health Warnings. Health Warnings is a response to the dynamic landscape of health and life events impacted by COVID-19. With Health Warnings, PredictHQ customers can now track:
- Pandemic warnings
- Epidemics and epidemic hazards
- Biological hazards (diseases and insect infestations)
PredictHQ still has pandemic lockdown changes in its Disaster category and lockdowns that are starting or easing in varying cities across the U.S. in its Community category.
“COVID has confirmed that demand is a lot like energy – it can only be transferred or changed from one form to another. We are also in an environment where not everything is equal. Countries, states, counties, and even cities are recovering at different rates than others, making it nearly impossible for businesses to have a cohesive and scalable view of demand. That’s why we expedited this product during COVID-19, so our customers could know well before demand began that a major event or cluster of impactful events has been scheduled, changed or even canceled,” Campbell said. “Whether you are in retail, travel, transport, CPG or finance, it enables your business to either capitalize on new demand being generated or mitigate losses from demand decreasing. In such disruptive times, having a platform like Notifications will help you navigate more confidently through the different phases of the current environment we find ourselves in.”
API Provides Holy Grail to Companies Needing Intelligence to Forecast Better
Over the past few years, PredictHQ’s API has proven popular with data scientists and data engineers from a wide spectrum of industries all grappling with the same problem – not understanding the ‘why’ around demand anomalies to better inform their forecasting models. With the Notifications Platform, users can access all relevant event notifications without integrating code or investing in development time.
PredictHQ’s customers include Uber, Domino’s, Accenture, First Data and Alaska Airlines, as well as leading accommodation, aviation, transportation, finance, coffee and retail companies.
PredictHQ, the demand intelligence company, empowers global organizations to anticipate changes in demand for their products and services. PredictHQ’s demand intelligence API aggregates events from hundreds of sources and verifies, enriches and ranks them by predicted impact so companies can proactively discover catalysts that will impact demand. With PredictHQ, businesses gain a leg up on competition and remain confident in their ability to meet customers’ ever-changing needs. Learn more at www.predicthq.com.
Offleash for PredictHQ
– Published by MIL OSI