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LONDON, 18 June 2024: Fourth, a leading workforce and inventory management technology provider, today announced the ‘Level Up’ product release for its AI driven platform, containing a package of new capabilities to help customers face economic challenges head-on.
Rising costs are front of mind for most UK hospitality operators in 2024, with April’s increase in the National Living Wage and business rates a key contributor to stretched margins and over-burdened teams. Other ongoing challenges operators are facing include labour shortages, food inflation, and price-sensitive consumers, all of which require innovative strategies to combat them.
Available to customers from today, Fourth’s ‘Level Up’ product release introduces capabilities enabling hospitality operators to increase profitability, efficiency and employee engagement in the areas impacted by the current challenges they face.
Key among the new features is ‘AI for Inventory’, bringing two AI capabilities into Fourth’s Purchase to Pay & Inventory product. AI Forecasting leverages Fourth’s proprietary AI to predict item-level demand, increasing the precision and efficiency of purchasing, inventory management, and preparation. Additionally, AI Invoice Processing reduces the administrative burden of manually processing invoices, saving time and reducing errors.
Fourth’s Managing Director, EMEA, Sebastien Sepierre, commented: “Since its launch in 2022, our AI Forecasting solution has been delivering great results for our workforce scheduling customers. It’s used by many of the UK’s largest restaurant groups including PizzaExpress, and growing chains like Thai Leisure Group, who reduced overscheduling by 22% while boosting sales by nearly 16%. Our ‘Level Up’ product release brings the huge potential of this technology into our inventory solutions.”
Other significant features in today’s release include:
Sebastien Sepierre said, “For 25 years, Fourth has built a strong reputation for continually delivering the technology innovations our customers need to succeed; We are acutely aware of the challenges facing operators at this time, and we’re proud to proactively offer our customers new ways to make a measurable impact on profits, efficiency and employee engagement.”
For a full list of the product features released today, visit the launch page.
About Fourth
Fourth helps restaurants, retailers, and hotels conquer the day with data-driven workforce and inventory technology. Fourth serves more than 15,000 customers across 100,000 locations globally.
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