The Feature and Event Library
The SensibleAI Forecast Feature Library enhances the accuracy and efficiency of forecasting models by seamlessly integrating external data sources. This innovative tool allows users to effortlessly incorporate macroeconomic indicators and other relevant data feeds into their models, eliminating the need for manual data handling. Traditionally, this is a process that can take weeks for each data source. By automating data integration, the Feature Library not only saves valuable time but also significantly improves forecast precision, making it an essential asset for businesses aiming to optimize their planning and decision-making processes. These features pair well with the insights capabilities of SensibleAI Forecast, allowing users to see what features are driving their forecasts.
SensibleAI Forecast Feature Library
The SensibleAI Forecast Feature Library significantly enhances the accuracy and efficiency of forecasting models by seamlessly integrating external data sources. This powerful capability enables users to effortlessly incorporate macroeconomic indicators and other relevant data feeds into their models—eliminating the traditionally time-consuming and manual process of data acquisition and transformation, which can take weeks per source.
By automating data integration, the Feature Library not only accelerates implementation timelines but also improves forecast accuracy. It serves as a critical asset for organizations seeking to refine their planning and decision-making processes. Furthermore, these enriched features align seamlessly with the Insights functionality in SensibleAI Forecast, enabling users to better understand the key drivers influencing forecast outcomes.
Events and Event Packages
SensibleAI Forecast also provides robust support for Events and Event Packages, allowing users to define, manage, and analyze specific occurrences that may impact their forecasts. These events can include holidays, promotional campaigns, store closures, and other context-specific factors.
Once defined, events are evaluated through feature selection algorithms to determine their predictive value. In addition, the Scenario Modeling capability allows users to assess the impact of individual events—such as evaluating how the forecast would change if a particular event occurs or does not occur.
Prebuilt Event Packages streamline this process by offering categorized, ready-to-use sets of events, which can be easily incorporated into models. These events are used to enhance model interpretability and provide greater insight into causal relationships within the forecast.
Summary
Together, the Feature Library and Event capabilities provide a comprehensive framework for enriching forecasting models with external drivers and contextual signals. These enhancements enable SensibleAI Forecast users to build more accurate, explainable, and actionable forecasts.
The following tables detail the available feature library packages and prebuilt event packages offered within the SensibleAI Forecast platform.
Standard Features
| Feature Name | Description | Selection Options |
|---|---|---|
| Maritime Index | Measures the cost of shipping goods, reflecting global trade and economic conditions. | N/A |
| Median CPI | Represents the median price change of a basket of goods, indicating underlying inflation trends. | N/A |
| Covid Cases | Tracks the number of reported COVID-19 cases in the US, affecting economic activities and consumer behavior. | N/A |
| Event | Creates a binary feature for tracking when events such as holidays, sales promotions, etc. occur. Pre-built event packages are available including US holidays, sporting events, European holidays, etc. | N/A |
| Interest Rate | The rate at which interest is paid by borrowers from the US for the use of money, influencing economic activities and spending. | N/A |
| US Population | The total number of people in the US, affecting demand and economic indicators. | N/A |
| Commodities Producer Price Index | Measures the average change over time in the selling prices received by domestic producers for their output, impacting cost structures and inflation. | N/A |
| Stock Ticker | Tracks the price movements of specific stocks, reflecting market sentiment and economic health. | All stock tickers |
| US Gas Price | The price of gasoline in the US, influencing transportation costs and consumer spending. | N/A |
| US Unemployment | The percentage of the labor force that is jobless, indicating economic health and consumer spending power. | N/A |
| Weather | Creates multiple weather features including temperature, rainfall, snowfall, cloud cover, etc. for any desired geolocation. Will include a 14 day weather forecast as well. | All geolocations |
| EuroStat Group of 20 CPI | Measures inflation for the Group of 20 economies, reflecting price changes and economic trends. | Germany, France, Italy |
| EuroStat Harmonized CPI | Standardized measure of consumer price inflation across European Union countries, allowing for comparisons. | 33 different European countries |
| EuroStat Harmonized CPI Inflation | Tracks the rate of inflation for the harmonized CPI, indicating price stability and economic conditions. | 33 different European countries |
| EuroStat Money Market Interest Rate | Reflects short-term borrowing costs within the Eurozone, impacting liquidity and economic activity. | 5 different European countries |
| EuroStat Unemployment Rate | The proportion of the labor force that is unemployed in the Eurozone, indicating labor market conditions. | 27 different European countries |
| OECD Harmonized CPI | Measures inflation consistently across OECD countries, enabling cross-country economic comparisons. | Only USA |
| OECD Harmonized CPI Inflation | Tracks the inflation rate for the OECD harmonized CPI, reflecting overall price changes in member countries. | Only USA |
| OECD Unemployment | The unemployment rate across OECD countries, indicating broader economic and labor market trends. | USA and Japan |
Premium Features - International MacroEconomic Package
| Feature Name | Description | Selection Options |
|---|---|---|
| Country Selection Amount | Top Supported Countries | 179 Countries |
| Inflation Rates | The inflation rate across certain countries on a monthly basis for most countries. Quarterly for 6 counties: (Australia, Faroe Islands, Myanmar, New Zealand, Papua New Guinea, Vanuatu). | 179 Countries |
| Housing Starts | Housing starts across many different countries with granularities being monthly and quarterly depending on the country. | 19 Countries |
| Consumer Price Index (CPI) | Consumer Price Index across many countries on a monthly basis for most countries and quarterly for a couple. | 173 Countries |
| Population | Population across many countries on a yearly basis. | 185 Countries |
| Unemployment Rates | Unemployment rate across many countries on differing granularities. (Monthly, Quarterly and Yearly) | 155 Countries |
| Gas Prices | Gas prices across many different countries with monthly and quarterly granularities. | 95 Countries |
| GDP Growth Rate | GDP Growth rate across many different countries with a quarterly granularity. | 86 Countries |
| Car Productions | Cars made per month across many different countries with monthly and yearly granularities (Yearly only for France). | 22 Countries |
| Vehicle Sales | Number of vehicles sold per month across many different countries with monthly granularities. | 14 Countries |
Event Packages
| Event Package Name | Event Package Description |
|---|---|
| US Holidays | Includes public and federal holidays in the United States, impacting business operations and consumer behavior. |
| Sporting Events | Major sports events and championships, affecting viewer engagement and economic activity in hosting regions. |
| Covid State Shutdowns | Government-mandated lockdowns and restrictions due to COVID-19, significantly influencing economic and social activities. |
| Denmark Holidays | Public holidays in Denmark, affecting business closures and consumer activities. |
| Mexico Holidays | National holidays in Mexico, influencing cultural celebrations and economic activities. |
| China Holidays | Public holidays in China, including major events like Chinese New Year, impacting business operations and travel. |
| Canada Holidays | Federal and provincial holidays in Canada, affecting work schedules and consumer behavior. |
| Australia Holidays | National and state holidays in Australia, impacting business operations and public events. |
| Finland Holidays | Public holidays in Finland, influencing business hours and cultural celebrations. |
| Sweden Holidays | National holidays in Sweden, affecting business operations and public events. |
| Germany Holidays | Public holidays in Germany, impacting business closures and cultural events. |
| France Holidays | National holidays in France, affecting business operations and cultural activities. |
| Italy Holidays | Public holidays in Italy, influencing business closures and cultural celebrations. |
| United Kingdom Holidays | Bank and public holidays in the United Kingdom, affecting business hours and public events. |
| Religious Holidays | Significant religious holidays across various faiths, influencing cultural practices and business operations globally. |