Quantifying Weather Impact
Everybody talks about weather and business, but what can we do about it? In addition to being a leading provider of weather data and weather-based solutions, Weather Source also operates a Weather Data Science Lab (“WDSL”) to conduct research on how weather impacts businesses. Why does that matter? Because by meshing our OnPoint Weather data with business metrics, we can quantify the relationships between weather and business and build reliable models that use the weather forecast to reliably predict business performance. That helps businesses in the real world affected by weather become more proactive and save real money and satisfy real people.
Start with the Right Data
We use only the best weather data – OnPoint Weather – in our lab because, very simply put, the better the data used as inputs, the more reliable the results. Why take chances with the weather data used in modelling, research and development and therefore risk the results of your project? When you want the best, most reliable results in quantifying weather impacts, use the best, most reliable weather data.
The problem: Up to 25% of government weather data has gaps, errors and/or inaccuracies, creating a myriad of snags, gaps and various other hurdles and pitfalls in usage, making it difficult to rely upon and/or scale out reliably and consistently across projects. The solution: We have solved the challenges inherent in mining, combining, tailoring and adapting disparate crude weather data sets from various sources into a simple turn-key product that is 100% finished and ready for immediate use in applications with the highest standards, i.e., data science operations, analytics, research and development, etc.
Predictive and Proactive Modeling
By analyzing past weather and business metrics, we can quantify the relationships and build models that use the weather forecast to predict business performance.
Once we have the right weather data, we’re ready to get to work. Let’s get a process overview.
In the WDSL, a typical use case might be to process demand data against tens of thousands of weather impact tests to identify and quantify the power of weather on the demand in question. The result is a ranked set of weather impact models that can predict demand based on weather inputs:
- Acquire demand data (process needed legal/security requirements and acquire data)
- Demand data prep (successfully load into database and verify results)
- Demand data exploration (quantitatively understand the data, look for questions, and get answers)
- Configure tests (set date ranges, locations, and OnPoint Weather parameters)
- Execute test suite
- Evaluate results (steps 3, 4, 5 & 6 may iterate a few times)
- Produce a final report
The resulting final report typically describes the top weather impacts along with statistical summaries of weather impact model performance such as RMSE or MBE. And of course because OnPoint Weather was used, we can have very high confidence in the results.
How can we help?
This simple use case is just one abstracted illustration, and we can certainly customize to meet your needs. Our proven track record of creating successful predictive models for real-world business scenarios based on real weather data helps you know in advance how the weather is going to impact supply, demand, consumer, employee or other business behavior allowing you to be proactive versus reactive.
We invite you to start a conversation with us and learn what we can do for you, ranging from providing OnPoint Weather, to doing everything for you, or anything in between.
OnPoint Weather by Weather Source is perfect for data science. All OnPoint Weather data is quality checked continuously, and all data issues are corrected while preserving actual relevant anomalies or outliers that would be corrected by less capable systems. OnPoint Weather is the most comprehensive, accurate and reliable weather data available in the industry.
OnPoint Weather is a statistically consistent, homogeneous dataset across space and time – i.e., seamless – globally, from the past, to the present, and into the future.
The OnPoint grid spans the globe, and our technology allows you to dial in to precise lat/lons, which means you can access weather information that is truly local to your location of interest.