Fourth provides end-to-end, best-in-class technology and services for the hospitality, leisure and retail industries. Its procurement, inventory, and workforce management solutions, coupled with a complete data and analytics suite, give businesses the actionable insights they need to increase efficiency within operations, control costs, scale profitability, improve employee engagement, and maintain compliance.
Since its merger with US-based HotSchedules/ MacromatiX, Fourth serves more than 7,000 customers across 120,000 locations globally.
Fourth works with multi-national companies across the hospitality, leisure and retail industries, including McDonalds, KFC, Pizza Hut, Hungry Jack’s, Nando’s, Oporto, Starbucks & Taco Bell.
For more information, please visit www.fourth.com
Three ways QSRs need Fourth
Find out how Fourth helps QSRs achieve efficient BOH operations.
As QSRs continue to explore technologies to enhance customers experience, they should also focus on the equally pressing need for solutions at the back of the house, specifically on forecasting.
Automated solutions for back-of-house operations in QSRs can spell the difference between profit and loss for any restaurant. Accurate forecasting that takes into account events, promotions, and other factors that affect sales, is crucial to avoid losses, especially for QSRs that exist on exceedingly thin margins amidst the pandemic.
This is how Fourth—provider of end-to-end, best-in-class technology and services for the hospitality, leisure, and retail industries for 20 years now — can help QSRs ensure efficient back-of-house operations.
1. Forecasting accuracy across inventory and labour
Believe it or not, Australia throws over five million tonnes of food every year, with the hospitality industry among the biggest contributors to this enormous amount of food wastage in the country. According to a study conducted by the Australian government-run Love Food Hate Waste program, 5% of food in restaurants ends up in the bin due to spoilage and 65% of food waste is lost during preparation.
With the pandemic playing a factor in a continuously changing demand in the industry, QSRs try to cope and make adjustments to their operations, which could be a hit or a miss. Unfortunately, misses could mean more food waste.
Fourth’s forecasting solutions can help QSRs avoid this scenario by aligning their sales data, events, promotions and environmental impacts with the team requirement. “This gives managers the insights they need to avoid under (or over) staffing as well as under (or over) ordering,” says Paul Tregoning, general manager at Fourth.
Forecasting tools also help QSRs manage their labour force, an expensive cost centre for restaurant operators. Fourth’s solutions allow managers to track and control cost per labour hour, as well as sales per labour hour. These tools help QSRs ensure that they have the right number of people at the right time, to avoid the cost of overstaffing or the losses for understaffing.
2. Inventory at scale
Understanding and controlling inventory have never been more important for QSRs. Inefficient inventory planning leads to loss of revenue due to under-ordering and an increase in costs for over-ordering and spoilage.
“Inventory sitting on a shelf is money sitting on a shelf. Keeping the forecast tight reduces waste and ensures that the restaurant has stock on hand to meet consumer demands,” says Tregoning.
Fourth helps QSRs avoid these costly mistakes. With accurate forecasts, restaurant operators can generate data-backed predictive orders that are crucial in inventory management, especially if the QSR wants to adapt the just-in-time inventory method that is changing the game in the industry right now. With Fourth’s solutions, QSRs get real-time insights on stock levels, allowing managers to pre-empt stock challenges, highlight the best-selling items, and understand the impact of the restaurant’s sales channels on menu item popularity.
With Fourth's help, QSRs can avoid rogue ordering and uncontrolled capital expenditures with a central inventory management system.
Restaurant managers can also focus more on running their sites as Fourth comes in to free them from the time-consuming task of matching invoices.
3. Meeting compliance challenges
Meanwhile, employee experience is becoming more important in businesses across Asia-Pacific, especially in light of the global pandemic that took a toll on workers' overall health. As a result, Global Advisory Willie Towers Watson 2021 Employee Experience Survey found that almost 9 in 10 employers in the region said enhancing the employee experience will be a priority in their organisation over the next three years.
Compliance rules have also increased across the region as the workforce continues to mature. It is important that QSRs also focus on this area because maintaining a skilled and engaged workforce has significant benefits for the business.
Fortunately, Fourth can also help QSRs ensure employee satisfaction — while also saving the business from unnecessary costs — with proper management of the labour force. With their technologies, Fourth helps QSRs avoid over-scheduling part-time staff and efficiently manage the regular employees’ leaves to avoid unexpected labour costs in cases of manpower shortage.
“Driving efficiency is one of our central tenants. Our solutions are designed to improve and optimise back-of-house operations by simplifying and streamlining tasks required to run a profitable restaurant,” Tregoning says.
With automated back-office solutions that cover workforce management and other administrative tasks, QSRs can better focus on innovating ways to improve overall guest experience.
To learn more about meeting these challenges visit https://www.fourth.com/en-au/.