Fourth Launches Analytics Tools
Fourth has unveiled a new suite of analytics tools that bring built-in demand forecasting and data from labor, purchase to pay and inventory together in one platform.
These next-generation, fully mobile tools include Sentiment Analytics, People Analytics, POS Analytics and 3rd Party Analytics. They bring mu clarity and understanding to hospitality operations by bringing data to life and shows how data correlates to one another.
Fourth’s proprietary methods will provide restaurant and hotel operators with forecasting, scoring and reporting tools. Operators get highly configurable dashboards, which provide comprehensive, balanced reports of real-time customer sentiment with back-of-house and front-of- house data.
Being able to understand the customers’ experience from the moment they walk in the door, and how that correlates with hotel inventory and scheduling is hugely powerful.
Fourth’s suite of analytics tools are:
Sentiment Analytics incorporates social media (Facebook, Instagram and Twitter) and review scores from sites such as TripAdvisor, Google and Yelp into the Fourth Analytics platform. Its natural language processing algorithms combined with purchase, inventory and workforce management data segments feedback, so operators can make informed decisions on how to manage their business.
POS Gateway has been scaled and standardized so that any POS company can integrate their data and be used by both Fourth customers and non-customers. Now, POS data can be used with Fourth’s other platforms (purchase-to-pay, inventory and workforce management) so users can view optimized KPIs, including flash P&L, average spend per day or week, items purchased, timing to be seated and served, as well as a scorecard that brings all data together and compares it to employee performance.
3rd Party Analytics now supports an unlimited number of data sources, directly via APIs and Fourth’s Connect tools, which allows data from technology partners to be incorporated into Fourth’s platform. This provides a robust 360-degree view of the business and provides in-depth actionable insights so operators can understand trends and act on them fast.
People Analytics fuses POS transaction data, kitchen management information and customer satisfaction with HR data to show absences, performance issues, average revenue per check, average clock-in times, average tip earnings, upsell performance, and compares this data with teams’ average performance, clearly highlighting areas for improvement.
In addition to these new analytical tools, Fourth offers a fully-integrated, complete back-office platform that covers workforce management, purchase-to-pay, inventory management, recipe and menu engineering, and advanced analytics. The platform is built solely to meet the distinct and complex requirements of the hospitality sector, with the depth of functionality needed to drive efficiencies. Its open architecture allows simple yet robust integration with other technologies.