SAN FRANCISCO, November 10, 2022 (Newswire.com) - Kinsa Insights, an illness insights solutions company that predicts cough, cold, and flu outbreaks up to 20-weeks in advance, announced the release of its new artificial intelligence-driven Custom Demand Forecast today. This new product from the company that has successfully helped national brands use illness symptom insights to make smarter business decisions, leverages machine learning to take sales forecasting to the next level.
Kinsa Insights' Custom Demand Forecast is tailor-made for brands and retailers that have illness-driven demand, such as pharmacy chains, symptom relief brands, illness remedies and others who are impacted by regional and seasonal illness. The new forecast uses machine learning to predict sales down to the store trading area by combining historical and real-time illness data from a network of smart thermometers across the country with category sales data from brands and retailers. For products whose sales do not directly correlate with traditional illness patterns or are impacted during periods of unpredictable or heightened illness, the Custom Demand Forecast will guide better business decisions based on the unique needs of a brand and its customer.
"To curb the spread of any illness, we must ensure that those who are sick can access the products they need to get better faster. Symptom relieving brands and pharmacy retailers are at the forefront of public health response but, given how varied and unpredictable illness is, are faced with the tremendous challenge of forecasting consumer need into product availability," said Inder Singh, Founder and CEO of Kinsa. "With the increasing regional volatility of illness season, past sales data alone is not adequate enough to project future demand. Now, with Kinsa Insights' Custom Demand Forecast, brands and retailers have a tailor-built illness-based sales forecast solution unique to their brand, optimized for regional illness fluctuations. This solution could be revolutionary for any brand or industry impacted by illness who needs to pivot workers, reallocate inventory supply chain, or get its message to the right audience.
Even during unforeseen illness events, such as the start of the COVID-19 pandemic, when disinfectant sales deviated from traditional predictor models, Kinsa Insights' Custom Demand Forecast accurately predicted sales demand. The image here shows disinfectant sales vs. Kinsa Insights' A.I. model.
Kinsa Insight's Custom Demand Forecast expands upon the success of individual symptom based sales predictions and outperforms the individual symptoms even for symptom-relieving products. See this cold and flu brand here.
"Though some companies try to develop machine learning and A.I. technology in-house, the benefit of working with an illness insights company like Kinsa is that you also get real-time input and adjustments from a team that includes data scientists and epidemiologists," said Inder. "Ultimately our aim is to help people feel better faster by getting them symptom-relieving and illness-related products where and when they need it."
About Kinsa Insights
Kinsa is an insights solutions business using data to predict, prepare for, and prevent the spread of illness.
Kinsa tracks and forecasts the spread of illness earlier than other systems by applying machine learning and epidemiological techniques to traditional healthcare data combined with proprietary early illness data gathered from a network of millions of households right when they fall sick.
To capture hyperlocal illness data before someone ever visits the doctor or enters the healthcare system, Kinsa invented a new category of products — smart thermometers and a medical guidance mobile app — that enable communication with households early in their illness journey. Kinsa's smartphone app acts as a nurse in your pocket, guiding users to care and treatment to get better faster, and the anonymized data captured is earlier than any existing public health data. Kinsa provides actionable insights to families, businesses, and communities to help them stop the spread of illness. For additional information, please visit https://kinsainsights.com
Source: Kinsa Insights