Fourth to Launch Comprehensive Set of Analytics Tools at NRA
Next-Gen Tools Will Provide the Hospitality Industry with Much-Needed Balanced View of Customer Satisfaction with Operational Performance
May 16, 2018 --
NEW YORK, May 16, 2018 /PRNewswire/ -- Fourth, provider of a leading hospitality operations platform, announced today that it will unveil a new suite of analytics tools at the annual National Restaurant Association Show 2018, including Sentiment Analytics, People Analytics, POS Analytics and 3rd Party Analytics.
From customer satisfaction to employee performance, these next-generation, fully mobile tools bring built-in demand forecasting and data from labor, purchase to pay and inventory together in one platform. This new suite of analytics brings much-needed clarity and understanding to hospitality operations by bringing data to life and shows how data correlates to one another.
Fourth's proprietary methods will now provide restaurant and hotel operators with first-of-its-kind 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 correlated with your inventory and scheduling is hugely powerful," said Christian Berthelsen, Chief Technology Officer at Fourth. "Seeing customer reviews in context to employee performance and back of house operations in one dashboard enables restaurant operators truly understand what's happening in the operation and make better decisions to improve profitability and customer satisfaction."
Fourth's suite of analytics tools are as follows:
- 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, no matter the size or location.
- 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.
"To date, hospitality operators have been using multiple data aggregators to get a better understanding of how their businesses are performing," said James England, SVP of Strategic Partnerships for Fourth. "Knowing how fragmented this process has been for operators, our suite will enable them to fill a massive current void in operational analysis."
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.
For additional industry insight from Fourth, please visit Fourth at https://www.fourth.com/en-us.
Established in 1999 by restaurant and hospitality entrepreneurs Derek and Edwina Lilley, Fourth was conceived "by hospitality professionals for hospitality professionals." Fourth offers a complete hospitality operations platform for purchase-to-pay & inventory and workforce management, underpinned by smart analytics and collaboration tools, enabling customers to optimize profits, enhance guest satisfaction and scale profitably. Its 1,100 customers in 60 countries include many of the world's most famous hospitality brands. To learn more, please visit www.fourth.com/en-us.
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