Fourth, a leading provider of operational solutions for the hospitality sector, proudly announces the launch of Fourth iQ, an advanced Artificial Intelligence platform designed to help restaurant, pub, and hotel chains optimise their workforce and inventory operations. This innovative tool aims to maximise profitability, boost productivity, and enhance the overall experience for both employees and customers.
Transforming Hospitality Through AI
“AI is transforming the technology landscape across industries, and the hospitality sector will not be left behind,” states Christian Berthelsen, Chief Technology Officer at Fourth. Fourth iQ signifies a transformative advancement, empowering operators to leverage AI to enhance profitability at each site and secure a competitive advantage in a rapidly evolving market.
Many of Fourth’s existing customers, including national chains like PizzaExpress, Big Table Group, and Stonegate, are already leveraging Fourth iQ to optimise employee scheduling through AI-driven forecasting. This means that businesses can anticipate staffing needs based on historical data, allowing them to respond dynamically to demand fluctuations. The platform now also allows users to apply AI forecasting to their inventory management processes, enhancing efficiency and profitability in purchasing, stock management, and preparation.
Addressing Industry Challenges
Speaking on the motivations behind the development of Fourth iQ, CEO Clinton Anderson highlights the pressing challenges faced by hospitality operators. With 25 years of experience in the hospitality sector, we recognise the challenging profit margins and escalating labour and food costs our clients face, he states. Overworked general managers frequently depend on insufficient data and legacy systems to enhance efficiency. Fourth iQ addresses these challenges by generating actionable insights based on multiple data sources, providing real-time recommendations for optimising labour deployment, increasing sales, and reducing waste. It’s an exciting time for Fourth and our customers.
A Comprehensive AI Solution
Fourth iQ functions as a multifaceted AI and analytics solution that integrates seamlessly across all operational areas of restaurant chains, including HR, scheduling, payroll, and inventory management. This new offering is embedded within Fourth’s established suite of end-to-end solutions, allowing customers to benefit from a holistic approach to operational efficiency.
A key objective of Fourth iQ is to establish a ‘profit engine’ at the core of our customers’ operations, explains Berthelsen. By integrating intelligent insights across all locations, Fourth iQ produces what we refer to as ‘above-store insights that inspire in-store actions,’ ensuring that every chance to boost profitability and efficiency is recognised and addressed, either by managers or through automated processes.
Proven Results for Clients
The impact of Fourth iQ is already evident. AI-driven forecasting has enabled PizzaExpress to improve its revenue forecasting accuracy by an impressive 25%. Similarly, a combination of AI forecasting and intelligent scheduling resulted in a 15% sales increase and a 22% reduction in over-scheduling for the Thai Leisure Group, which operates 16 locations. These results underscore the potential for Fourth iQ to transform the operational capabilities of hospitality businesses.
Simplifying AI Integration for Hospitality
Enabling hospitality businesses to easily integrate AI into their operations is central to Fourth’s vision. “With Fourth iQ, we provide the simplest and most effective entry point for any hospitality business to embark on their AI journey,” says Berthelsen. “Our underlying AI platform securely integrates data sources and trains AI, allowing it to work seamlessly through our solutions and apps. Our experienced implementation teams handle the heavy lifting, customising the AI to suit the unique needs of each business, thereby eliminating barriers to getting started today.”
Fourth iQ is not just a technological advancement; it represents a shift in how the hospitality industry can leverage data and AI for better decision-making. With this groundbreaking platform, Fourth is poised to lead the charge in redefining operational efficiency and profitability in the hospitality sector.