News Briefs

IDeaS Revenue Solutions, the world’s leading provider of advanced revenue management software (RMS) and services, announced that it is expanding its industry-leading suite of revenue management solutions to the cruise industry through a partnership with Virgin Voyages. Under the partnership, IDeaS is working with Virgin Voyages to develop a first-of-its-kind, innovative RMS solution for the cruise industry.

To fully realize their revenue potential, cruise lines need the ability to efficiently and effectively forecast passenger demand. Historically, this forecasting posed challenges for the industry for a variety of reasons. But with a clearer understanding of this demand, the door opens to transformative, sophisticated pricing and revenue management strategies. While cruise organizations have explored numerous approaches to revenue forecasting, a clear, science-based leader in advanced revenue management has yet to emerge – until now.

As a pioneer in the industry, Virgin Voyages and its innovative revenue management team saw the importance of science-driven automation. They approached IDeaS and outlined a proof of concept, and the two companies are now spearheading the adoption of revenue management in this complex and dynamic industry.                                                                               

Key benefits of this partnership include:

• Power of forecast modeling: IDeaS delivers forecast modeling to determine more efficiently the right booking curve so cruise lines or commercial teams can more dynamically adapt to trends. 
• Forecasting and pricing automation: IDeaS revenue science streamlines cabin pricing, automates processes, and allows individual cruise lines to focus on demand-based forecasting and pricing for each cabin type (i.e. inside, balcony, suites, etc.). By optimizing business mix and inventory allocation, the solution helps to maximize revenue potential and future scalability.  
• Buy versus build: The modern enterprise is plagued by the decision of whether to build custom software or buy a commercial off-the-shelf solution. In fact, it has been common for cruise lines to build their own systems internally. IDeaS now provides a solution that delivers the speed and scalability that a homegrown system can’t. By working with IDeaS, which has existing revenue optimization models (custom to each client), cruise lines that need specific functionality can now realize higher ROI and faster time to market.

Jessica Fleisher, vice president revenue, Virgin Voyages, said: “We came to IDeaS because we saw the power of science-driven automation and the results delivered to the hotel industry. Today, nothing in our market can compare to the power of IDeaS revenue management expertise. We couldn’t be more pleased with the project's development thus far and are impressed with the entire organization's commitment. As a visionary in the cruise industry, we see the value of sophisticated revenue management, so it was only fitting we should partner with the pioneer of RMS technology.”

Sanjay Nagalia, co-founder and chief scientist,IDeaS, said: “IDeaS is excited to work with Virgin Voyages as we make this proof of concept a reality. This collaboration not only marks our entry into the cruise industry but also demonstrates our commitment to expanding our expertise into new verticals. By helping them gain key insights into dynamic forecasting and pricing, we believe we will help usher in a new era for the entire cruise industry. We couldn’t be prouder to work with this exciting and forward-thinking team.” 

See how IDeaS revolutionizes revenue management strategy for cruise lines. Visit https://ideas.com/cruise-lines/ to learn more. 

Guesty, a property management software platform for the short-term rental and hospitality industry, announced the launch of two additional AI features: Guesty’s AI Assistant website builder and ReviewSmart AI. These tools are designed to empower property managers to easily create attractive, engaging websites and quickly gain valuable insights from negative guest feedback.

“These practical AI capabilities reinforce Guesty’s position at the forefront of innovating the hospitality industry,” said Guesty CEO, Amiad Soto. “Our commitment is to consistently enhance our platform, making it easier for property managers to optimize bookings, streamline operations, and elevate the guest experience. The response from our users so far has been incredibly enthusiastic. More and more, property managers are recognizing the benefits of brand building, and we look forward to continuing to deliver the valuable tools that empower them to grow their brand simply and effectively. AI-driven efficiency is essential for property managers, ensuring they have the time to focus on what they do best: providing a best-in-class guest experience.”

AI Assistant Website Builder: Effortless Web Presence, Elevated

Guesty’s built-in AI Assistant website builder empowers property managers to effortlessly create visually stunning web pages and compelling copy in minutes. The AI Assistant also provides SEO for optimized web pages, ensuring that properties stand out in a crowded market and are discovered more easily. 

Guesty is the only PMS to embed this level of website customization and to integrate AI-generated content directly and seamlessly into its platform, providing an invaluable resource for property managers looking to build and maintain a strong brand presence and drive more direct bookings to their properties. Since its beta launch, the AI Assistant has already been adopted by 25% of Guesty’s website builder users, showcasing its immediate impact and appeal.

ReviewSmart AI: Turn Feedback into Actionable Insights

ReviewSmart AI is an intelligent analytics tool that seamlessly and comprehensively categorizes negative guest reviews into actionable insights. By organizing feedback into key areas such as noise, cleanliness, check-in, communication, and guest expectations, property managers can quickly identify and address issues, ensuring a consistently high-quality guest experience. Additionally, property managers are able to use these insights to track and trend an improved quality of service they’. 

This advanced tool saves time by automating the review analysis process and also empowers property managers to make data-driven decisions that enhance operations and boost guest satisfaction. With ReviewSmart AI, managers can focus on implementing solutions that make a real difference, rather than spending valuable time identifying problems. ReviewSmart AI is already one of Guesty's more popular dashboards among its advanced users. 

Guesty’s intelligent Property Management System (PMS) is supported by a 250+ strong R&D team and a robust offering of native solutions for hospitality. These tools are becoming indispensable in the day-to-day operations of property managers. Other successful Guesty AI-based tools include ReplyAI, transforming guest-host communication, and PriceOptimizer, a dynamic pricing tool for revenue management.

Fourth announces the release of Fourth iQ, the Artificial Intelligence for Restaurants. Fourth iQ is used by restaurant chains to optimize their entire workforce and inventory operations to maximize profitability, increase productivity and enhance the experience of employees and customers.

Many of Fourth's customers are already benefiting from Fourth iQ, including Pizza Hut, Noodles & Company, and Chili’s. As part of the expanded capabilities offered by Fourth iQ, customers can utilize AI forecasting for scheduling and inventory, plus a Real-Time KPI dashboard to track their key metrics across all locations. A further range of advanced Fourth iQ features will deliver new ways to increase profitability centrally across all locations and boost the productivity of general managers at each location.

"With 25 years in the restaurant game, we are acutely aware of the challenges our customers face—profit margins are tight, as labor and food costs continue to rise; and the responsibility for driving efficiency is dependent on the decisions made by overburdened general managers who are often reliant on incomplete information and legacy technologies. Fourth iQ can overcome these challenges by using AI to generate ‘the next best actions’ informed by multiple data sources and defined goals; providing managers with real-time recommendations of how best to efficiently deploy labor, grow sales, and reduce waste,” said Fourth CEO Clinton Anderson.

Tangible Benefits

In essence, Fourth iQ is a multi-faceted AI and Analytics capability that works across the entirety of restaurant chains’ operations, including recruitment, HR, scheduling, payroll and inventory management. Fourth iQ is embedded into Fourth’s established suite of solutions, including HotSchedules, PeopleMatter, and MacromatiX.

"By creating a layer of intelligence across all locations in a restaurant chain, Fourth iQ produces what we call ‘above store insights that drive in-store action’, to ensure every opportunity to drive profitability and efficiency is identified and actioned, whether by managers or entirely automated,” said CTO Christian Berthelsen.

The tangible benefits of Fourth iQ are already being realized by Fourth’s customers; AI-driven forecasting has enabled Noodles & Company to increase their sales forecasting accuracy by 20%, leading to a $4 million reduction in labor costs. The same increase in forecast accuracy resulted in Chili’s saving 600 labor hours per week nationally.

Bar Louie, a 63 location Gastrobar concept, is another Fourth customer embarking on their AI journey with Fourth iQ. Roberta Frierson, Senior Vice President of Technology, shared their ambition to become AI-driven. “At Bar Louie, we see the promise of AI. Not just for front of house, but for our back of house processes like recruiting, hiring, scheduling, and paying team members. As we incorporate AI into our tech stack, we believe it will make managers more effective and streamline our operations.”

Enabling customers to easily bring AI into their tech stack is core to Fourth’s vision for the industry. “In creating Fourth iQ, we are providing every restaurant chain the simplest and most effective way to get started on their AI journey,” says Christian Berthelsen. He continues, “Our underlying AI platform provides the infrastructure to securely integrate data sources and train AI, then put it to work via our solutions and apps. Our experienced implementation teams do all the heavy lifting, including configuring the AI within Fourth iQ to what makes your business unique. There really is no barrier to getting started today.”

To learn more about Fourth iQ, visit the Fourth website.

BurgerFi International, Inc., owner of the casual dining chain Anthony's Coal Fired Pizza & Wings and BurgerFi, has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.. 

All 144 locations of the company's two brands throughout the United States, including in Puerto Rico, and in Saudi Arabia, will continue normal, uninterrupted operations. The Chapter 11 filing by the Company includes only the 67 corporate-owned locations of both brands. Franchisee-owned locations of BurgerFi and Anthony's Coal Fired Pizza & Wings are excluded from the bankruptcy proceedings.

"...In the face of a drastic decline in post-pandemic consumer spending amidst sustained inflation and increasing food and labor costs, we need to stabilize the business in a structured process," said Jeremy Rosenthal, Chief Restructuring Officer of BurgerFi International, Inc. "We are confident that this process will allow us to protect and grow our brands and to continue the operational turnaround started less than 12 months ago and secure additional capital."

The board brought in Carl Bachmann as chief executive officer and Christopher E. Jones, chief financial officer in July 2023 to turnaround and strengthen the brands and operations. Faced with legacy operational challenges, they quickly developed and implemented a strategic plan to address foundational issues including declining same store sales, high employee turnover and a stale menu. As part of the turnaround efforts, the company initiated a top-to-bottom evaluation of its operations, which is continuing.

As a result, the company has aligned its footprint with current business standards through the closure of 19 underperforming corporate-owned stores and reduced related operating costs.  
 

Red Lobster Chapter 11 Update

In related news, Red Lobster Management LLC,  announced Sept. 5 that the company has received court approval of its Chapter 11 plan. RL Investor Holdings LLC will acquire the Red Lobster restaurant chain. As HT previously reported, the former CEO of P.F. Changs is poised to lead Red Lobster. The acquisition is anticipated to close before the end of September.  

TouchBistro has launched its Inventory Management and Labor Management solutions for restaurant operators, following its acquisition of restaurant management software, Peachworks. 

The new offerings bolster TouchBistro’s comprehensive suite of back-of-house (BOH) solutions and help restaurateurs improve profitability, streamline operations and deliver a great guest experience.

“TouchBistro’s acquisition of Peachworks allows us to better serve operators through one comprehensive tech stack,” said Samir Zabaneh, Chairman and CEO of TouchBistro. “We deeply understand the pain points of operators in today’s restaurant industry, and our new Labor Management and Inventory Management products are a major step forward in making data-backed decisions that help them keep costs down and run a sustainable business.”

Both products include a seamless TouchBistro POS integration that allows the latest data to flow into one centralized system in near real time so operators can make data-backed decisions faster. With the continuous input of data, this also ensures operators have the insights needed to forecast accurately to save on both labor costs and food waste.

Inventory Management
TouchBistro Inventory Management is a powerful inventory and recipe management platform that integrates seamlessly with the TouchBistro POS to help operators save time, reduce food costs and manage their inventory with ease.

From TouchBistro’s 2024 State of Restaurants report, over half (58%) of operators noted that inventory costs were their biggest source of financial strain. Moreover, 60% of operators reported that all or most of their suppliers have raised prices in the past year, with the average expenditure on food increasing by a whopping 41% in the past year alone.

Many operators are operating on razor thin margins. With TouchBistro’s new inventory management software, operators can gain better insight into their costs and more easily find areas to optimize. The solution arms operators with the ability to:

• Automate the inventory process and say goodbye to time-consuming spreadsheets with a digital database of all their items and up-to-date counts of their consumables.
• Put profitability first with recipe costing tools that allow operators to optimize new and existing recipes for maximum profitability and ingredient usage.
• Ensure there’s always sufficient inventory on hand and prepped for service with data-driven food prep forecasting that takes actual and ideal usage into account.

Labor Management
TouchBistro Labor Management is a robust restaurant staff management and scheduling software that integrates directly with the TouchBistro POS to help operators simplify scheduling, streamline team communications and keep labor costs under control.

Through TouchBistro’s new, fully integrated labor management solution, operators can:

• Manage availability, schedule changes, time off requests and blocked dates from one centralized system, even across multiple locations.
• Eliminate confusion, miscommunication and missed shifts by sending important updates in real time via in-app messages, emails and SMS notifications.
• Reduce costs by more accurately predicting and forecasting labor needs based on labor percentage, hours, costs or number of employees, using net sales or guest count as the driver.