Advertisements, endorsements and the like for the upcoming 2024 Summer Olympic Games are in full stride and we’re excited to join the rest of the world in watching the City of Lights host one of the most anticipated global events. Being supply chain enthusiasts, this of course gets us thinking about the impact of such an event on global and local supply chains. From July 26 to August 11, Paris will welcome 12 million attendees, injecting an estimated $946M into the local economy. For businesses, this influx of visitors represents a golden opportunity to boost revenues. Are supply chains ready for the big event?
To capitalize and make the most use of such an event takes A LOT of planning; one might say it requires meticulous supply chain planning together with intelligent demand data 😊. In this post, we explore some of the best practices for how to anticipate and turn these events and occurrences into new or expanded opportunities for your business.
Into the Numbers
First, let’s take a look at some of the numbers - numbers that, when used properly, can drive better planning and more intelligent decision making. Thanks to our partner in predictive demand intelligence, PredictHQ, we’re able to dive deeper into the Olympic games’ impact on businesses in the area. Let’s delve into data to predict the impact on key sectors.
- Accommodation providers expect demand to outstrip supply with an estimated $496M in Olympic-driven spending for hotels and Airbnbs.
- Restaurants are also gearing up for a busy period with a predicted surge of $313M in spending on reservations and orders from hungry fans.
- Transportation providers are bracing themselves for the $136M in increased demand that the Olympics will bring for their industry.
These high-level insights are pretty interesting, but what if we could drill into more specifics and see the anticipated impact of individual events drilling into specific locations, where we could then start to use that information to understand the radius of impact, halo effect and what constraints/opportunities there may be? Now, that would be really cool – and it’s actually possible!
Several marquee events will significantly boost local business revenues:
- Olympics Opening Ceremony on Friday, July 26 with 300,000 attendees driving $37M in local spending – just on that day.
- Paris Paralympics Games 2024 from Wednesday, August 28 through Sunday, September 8 with 100,000 attendees predicted to spend $10M over 12 days.
- Breaking (get ready for a new entrant to the Olympics – Break Dancing!): BKG04 M - Final on Saturday, August 10 with 30,000 attendees spending $2M on local businesses.
- Skateboarding: SKB08 M - Park Final on Wednesday, August 7 also with 30,000 attendees spending $2M on local businesses.
- Basketball: BKB42 W - Bronze on Sunday, August 11 with 20,300 attendees spending an estimated $1.5M on local businesses.
This is really granular levels of detail that goes well beyond the impact of the Olympics to how an individual event impacts local and regional opportunities!
3 Key Strategies to Maximize Your Impact:
Plan Based on Local and Global Insights
Effective supply chain planning for an event as significant as the Olympics calls for a dual focus on local and global dynamics. By leveraging advanced analytics along with intelligent event data, businesses can understand and predict the impact of both local events and broader market trends, ensuring a resilient and responsive supply chain.
Embrace Demand Sensing
Demand sensing is key for effective supply chain planning in the run-up to big and seasonal events. It involves harnessing data from a variety of sources to anticipate shifts in consumer preferences and emerging trends. For instance, data on the expected surge in restaurant reservations and transportation needs can help businesses proactively adjust their supply chains, ensuring they efficiently meet customer demand.
Leverage Outside-In Data
Traditional consumption data provides valuable insights, but to gain a competitive edge, businesses must also tap into outside-in data sources. Social media trends, e-commerce analytics, web search results, and online conversations. All of this offers a wealth of information on consumer sentiment and potential sales trends. Integrating this data into supply chain planning allows businesses to stay ahead of the curve and respond swiftly to changing market conditions.
Elevate Your Supply Chain Planning with Intelligent Event Data
The excitement and anticipation in Paris are palpable, but for businesses to fully harness the potential of the 2024 Olympics, strategic planning and execution are essential. Supply chain is key! Our collaboration with PredictHQ’s predictive demand intelligence is helping change your game.
By using PredictHQ’s event impact data within the Atlas Planning Platform, companies are empowered with the tools and insights to make informed, data-driven decisions, to seize new opportunities and maximize results.
Win Big with Event-Driven Data
As the world grapples with an increasingly complex marketplace, the need for accurate and real-time information has never been more critical. John Galt Solutions together with PredictHQ exemplifies how businesses like yours can enhance supply chain planning strategies to capitalize on both significant events around the world and local happenings around the corner.
Ready to explore the power of this collaboration? Let us show you how incorporating PredictHQ’s event impact data into the Atlas Planning Platform delivers insights for a deep understanding of how events affect your supply chain, allowing you to plan more effectively, better meet increasing demand and maximize opportunities.
