PredictHQ, the demand intelligence company, announced a partnership with leading AI-powered retail optimization software provider RELEX Solutions. PredictHQ’s demand intelligence enables retailers to integrate data from events into forecasting to understand how they impact demand, an otherwise labor-intensive manual process. The partnership will make vast amounts of enriched, verified data and new features available to RELEX’s retail, wholesale, and CPG customers through the RELEX Living Retail Platform.
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PredictHQ worked in cooperation with one of RELEX’s major grocery customers to conduct a rigorous analysis of how including event data impacts forecast accuracy. Their analysis identified a significant improvement in forecast accuracy when data for school holidays, sporting events, national holidays, and more are incorporated into RELEX’s AI-powered forecasting models.
One of RELEX’s core tenets is a commitment to helping retailers become more competitive by turning massive amounts of retail data into faster, more accurate supply chain decisions. The partnership will ensure RELEX’s customers have access to the best and most robust event-driven demand intelligence available. Further, RELEX’s machine learning-based demand forecasting engine will be able to seamlessly integrate that data with customers’ other data sources to provide more insights and better forecast accuracy than ever before.
“Today’s turbulent world and ever-changing consumer behaviors mean it’s more important than ever for retailers and brands to be data-driven in their decision making,” says RELEX Solutions‘ Chief Product Officer Tommi Ylinen. “Events and holidays are significant demand drivers, and being proactively plugged into demand intelligence for those drivers will provide our customers with a considerable advantage. We are delighted to have PredictHQ onboard to provide such valuable insights for our customers.”
PredictHQ covers 19 categories of events, including sports, conferences, school and college holidays, and unscheduled events such as severe weather and natural disasters. As the partnership launches, RELEX and PredictHQ will join to look for retailers and brands looking to drive greater forecasting accuracy through the benefit of proactive intelligence and event data.
“The last few years have forced companies to rapidly accelerate their digital strategies, and retailers are on the cutting edge of both reaping the rewards of going truly data-driven, and at the mercy of changing demand patterns if they don’t,” says PredictHQ CEO Campbell Brown. “We’re thrilled to be working with RELEX to leverage a new level of demand intelligence for retailers.”