The Magnificent Mile Lights Festival is set to light up Chicago on Saturday, November 23, 2024, and it’s expected to be a blockbuster event. Placekey partners with PredictHQ to enable businesses to merge PredictHQ’s predictive demand intelligence with SafeGraph’s point-of-interest (POI) data, providing the context-aware insights essential for accurate demand forecasting during high-impact events like this. With Placekey, businesses can combine real-time event data with hyper-local location details, allowing them to stay agile and respond swiftly to demand surges.

According to PredictHQ’s, over one million attendees are expected, driving an estimated $79,406,054 in total event spend. This landmark event showcases the powerful role that external events play in shaping local economies, providing a prime opportunity for businesses to refine their demand forecasting strategies.

Key Industry Impacts:

• Accommodation: Chicago’s hotels are set to see a huge boost, with a projected $16.5M+ in revenue driven by an influx of out-of-town visitors.
• Restaurants: Local restaurants will experience a surge in business, with a predicted $47.3M+ in revenue from festival-goers seeking meals throughout the day.
• Transportation: The transportation industry stands to gain approximately $15.4M+ as people flock to the city, whether by public transport, rideshares, or private vehicles.

Enhancing Demand Forecasting Accuracy with Combined Datasets

Forecasting demand for an event like the Magnificent Mile Lights Festival requires more than just historical data. While past patterns provide valuable insights, real-world conditions—like the surge in visitors and economic activity caused by this massive event—demand a more dynamic approach. Relying solely on static data leaves businesses blind to these unpredictable factors. That’s where using Placekey to combine different data sources becomes essential.

PredictHQ’s predictive demand intelligence enables businesses to incorporate live event data into their forecasting models, making them context-aware and more responsive to shifts in demand.  For example, PredictHQ enables your AI models to become context-aware by processing billions of data points on events happening around the globe. From sports events to holidays and concerts, PredictHQ reveals what factors will affect your demand in specific locations, helping businesses like Domino’s, Instacart, and Uber forecast more accurately. In fact, we’ve processed over $5.2 trillion of demand data linked to 105 million events across 234 countries.

However, the key to truly comprehensive forecasts lies in combining this intelligent event data with SafeGraph’s point of interest (POI) data. SafeGraph’s POI data provides granular details about nearby locations—such as restaurants, parking lots, or hotels—allowing businesses to understand the physical environment and customer movement patterns around key venues.

Using Placekey to seamlessly merge these two datasets gives businesses a more holistic view of the demand landscape. It’s this intersection of event and location data that empowers companies to enhance the precision and effectiveness of their forecasting models, ensuring they can maximize opportunities during high-impact events like the Magnificent Mile Lights Festival.

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3 Steps to Strengthen Your Demand Forecasting with Joint Datasets

Here’s how to supercharge your demand forecasting by using Placekey to combining SafeGraph’s POI data and PredictHQ’s predictive demand intelligence:

1. Combine POI and Intelligent Event Data via Placekey

Joining SafeGraph’s detailed POI data with PredictHQ’s predictive demand intelligence gives businesses unparalleled visibility into the factors impacting demand. Placekey provides a consistent identifier across both datasets, ensuring seamless integration and precise insights without the need to manage inconsistent addresses or create custom fuzzy matching rules. For example, if your business operates near the Magnificent Mile Lights Festival, SafeGraph’s data pinpoints nearby places like restaurants and parking lots, while PredictHQ’s predictive demand intelligence reveals exactly how the festival will drive traffic to these locations. Placekey bridges these datasets, allowing businesses to access a unified view to anticipate demand and make data-driven decisions effortlessly.

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2. Leverage Predictive Analytics for Smarter Decisions

With the combined datasets, you can apply predictive analytics to identify trends, spikes, and slowdowns in demand. PredictHQ’s AI-powered platform provides detailed insights into when and where demand surges are likely, helping businesses make informed decisions around staffing, inventory, and marketing.

For example, when events like the Magnificent Mile Lights Festival occur, your AI models, powered by real-world event data, can dynamically adjust and provide predictions about demand surges—leading to more efficient resource allocation.

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3. Monitor and Adjust Forecasts in Real-Time

Demand forecasting isn’t a one-off task. By leveraging real-time data, businesses can remain agile and adjust forecasts on the fly. For instance, a last-minute event announcement or sudden market changes could dramatically impact local demand. Combining PredictHQ and SafeGraph’s data through Placekey allows businesses to stay ahead of the curve and continuously refine their strategies as new information comes in, without worrying about inconsistent addresses or developing their own fuzzy matching rules. Placekey ensures a seamless connection across datasets, enabling precise, timely insights.

Unlock the Power of Context-Aware Demand Forecasting

Combining PredictHQ’s predictive demand intelligence with SafeGraph’s POI data, powered by Placekey, equips businesses with the dynamic context necessary to make accurate and data-driven decisions. This approach not only enhances operational efficiency but also empowers companies to be proactive rather than reactive—unlocking massive opportunities for growth and profitability.

By integrating these datasets into your existing AI infrastructure, you’re not just improving forecasts—you’re equipping your business to thrive in an unpredictable world, where agility and real-time insights matter more than ever.

Leverage the power of Placekey, PredictHQ, and SafeGraph POI data today.