Predict future demand, take control of your labor and inventory budgets, and grow at an unprecedented scale.
Fourth’s Hospitality AI Forecasting engine uses state-of-the-art machine learning algorithms to analyze your company’s data to quickly detect patterns, learn trends, and identify event outliers so you can confidently plan for future demand. When coupled with our workforce and inventory software, AI Demand Forecasts create actionable insights that automate decision-making, allowing operators to save time, reduce waste, and boost profitability.
Created from the largest repository of data-- collected from serving more than 100,000 locations globally and 14 of the top 20 restaurant chains-- Fourth’s AI Forecast delivers unmatched accuracy.
“We have seen a 25% accuracy improvement on the previous system forecast. The model gives managers a more accurate baseline from which they can build and tweak using their own knowledge and experience to deliver a highly accurate forecast.”
— Graham Fenwick, Productivity & Change Director, Pizza Express
Restaurants lose an average of 10-25% of gross revenue per location when not staffed properly to meet demand.
Avoid becoming another statistic with demand-driven scheduling from HotSchedules, allowing managers to easily create schedules that match forecasted demand while balancing customized labor rules, compliance, and employee preferences.
Trust Fourth’s AI Demand Forecasting to guide your end-to-end inventory management. When used with MacromatiX, our leading inventory solution, managers will receive actionable recommendations for ordering, prep and production, and recipe and menu management.
“Seeing into the future is no easy task, even for the most experienced operator. The best attribute of AI forecasting is its ability to continuously learn and improve its algorithm, creating a highly personalized forecasting model executed at scale. Overtime, this model can systematically eliminate inefficiencies like under and overstaffing.”
— Christian Berthelsen, CTO, Fourth
To retain frontline managers, organizations need to empower their people with the necessary tools, data, and support to remove administrative burdens and develop their competencies and wellbeing.
Hospitality AI Forecasting takes the mundane but critical task of forecasting off their to-do list so they can focus their energy on creating strategic promotions and memorable guest experiences.
The Weighted Absolute Percentage of Error (WAPE) is a way to measure how accurate a forecast is. WAPE takes into account the difference between the forecasted value and the actual value, as well as the importance of each forecasted value, hence the term “weighted.”
WAPE allows you to measure how far off a forecast is from the actual values, regardless of whether the forecast over estimated or underestimated the actual values.
The lower the WAPE, the better, indicating the forecast is closer to the actual value.
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