The Fourth AI Platform is the first of its kind in the hospitality industry to utilize real-time forecasts to optimize inventory and scheduling.
Today, Fourth, a provider of inventory solutions for the hospitality, retail, and leisure sectors, made an announcement on the debut of its artificial intelligence platform – Fourth AI Platform – built and trained using the most extensive data set in the sector.
As of today, the Fourth AI Platform is broadly available and provides AI forecasting for scheduling purposes. Next, the company plans to implement a robust pipeline of new capabilities, including breakthroughs in real-time insights and actions, events and forecasting algorithms, back-office automation, and above-store insights in Scheduling and Inventory.
The platform offers hospitality professionals excellent benefits:
- No more sifting through data due to up-to-the-minute AI predictions and insights.
- Maximize efficiency and boost profitability by harnessing the power of AI to enhance and automate decision-making processes.
- Monitor the progress of your key performance indicators (KPIs) and utilize valuable insights to make informed decisions at the store level.
“The complexity of operating a restaurant or hotel has exploded,” said Clinton Anderson, CEO of Fourth, “which has kept managers chained to their laptops instead of out on the floor with their guests and staff. The Fourth AI Platform lets managers focus on people, service, and creativity, rather than on constant firefighting. With our AI models trained on the industry’s largest dataset, we believe Fourth is uniquely positioned to embed AI across our customers entire restaurant operations.”
Companies such as PizzaExpress, Wagamama, Stonegate, and Cote are among the numerous businesses benefiting from the competitive advantage provided by this technology. The Fourth AI Platform is a groundbreaking solution offering hospitality operators unique AI-based workforce and inventory solutions.
Fourth’s Scheduling solution now leverages advanced technology to provide highly accurate demand forecasts, recommend optimal shift patterns, and optimize the deployment of available workers. This groundbreaking technology is revolutionizing the industry by significantly enhancing the speed and efficiency of your operations. With the expertise of an AI specialist, operators can leverage the power of AI-driven insights and actions to make quicker and more informed decisions. This allows them to optimize labour spending and consistently meet customer demand.
Starting in Spring 2024, Fourth’s inventory products will incorporate AI Forecasting to enhance purchasing, preparation, and stock control. This will allow businesses to streamline their operations by automating the process of identifying the most efficient ordering and inventory management strategies. This will not only help control costs but also minimize food waste.
The Fourth AI Platform paves the way for an industry future driven by high-value and high-impact AI technologies. By utilizing over two decades of extensive data and sophisticated analytics, the platform provides demand forecasting and actionable insights to optimize operations, maximize margins, and empower employees. By utilizing the platform to optimize their operations, industry operators can confidently confront and overcome the challenges they encounter on a daily basis.