Passenger data improves forecast

July 05, 2024

🚀 New standards in sales planning thanks to the integration of timetables and flight schedules! 🚆🛫

📅 This weekend marks the start of the vacations in NRW - a challenge for airports, train stations and restaurants. To cope with this stress test, we are now also implementing timetables and flight schedules in our AI, which increases the accuracy of sales planning. 🙌🤖

📈 One example: a fast-casual food provider at BER - Berlin Brandenburg Airport was able to increase the forecast quality from 45% to 85% thanks to our AI. Between 80,000 and 90,000 passengers are expected there every day during the vacation season.

💡 This innovation enables our customers to manage their stocks and supply chains more efficiently and meet demand even in times of traffic disruption - fewer lost profits and less surplus stock!

The entire press release:
When the vacations begin on July 8 in the most populous federal state of North Rhine-Westphalia, this will be a stress test for airports and train stations - and also for catering businesses. Delays and even cancellations will change the demand situation in no time at all. Foodforecast Technologies GmbH was the first provider to implement timetables and flight schedules in its AI in order to improve the accuracy of sales forecasts. Last year, around 1.7 million passengers were counted at Cologne/Bonn Airport during the summer vacations. This means greater availability of goods at peak times, more sales and revenue and less food waste in the event of last-minute cancellations and delays. For a provider of fast-casual food that operates a location at BER Airport, the forecast quality has increased from 45% to 85% since using the AI-supported forecasting tool.

Foodforecast Technologies has developed an AI that determines precise sales forecasts for bakeries, system catering and food retail. By analysing passenger data at airports and train stations and the effects of strikes, the company is able to make more precise predictions about what will be consumed at the locations and thus optimize its customers' planning processes. The algorithm incorporates external factors such as weather data, vacations and public holidays, as well as major events. 

"The challenges of the rail and air strikes have given us the opportunity to deepen our understanding of consumer behavior," explains Justus Lauten, CEO at Foodforecast Technologies GmbH. He continues: "Our expanded models now take into account additional external factors such as transportation disruptions, which leads to a significant improvement in forecasting accuracy."

These new insights enable Foodforecast Technologies' customers to manage their inventories and supply chains more efficiently. They can ensure that they have sufficient availability of goods to meet demand, even in times of disruption. This not only reduces lost profits due to sold-out shelves, but also excess stock that cannot be sold.

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