What’s New?
Fourth has implemented functionality that incorporates 'ticketed cultural events' into its AI Forecast. This enhancement has led to significant improvements for some of our customers and their locations in close proximity to venues (theatres, arenas, stadiums, etc).
- We have integrated information for upcoming events such as concerts, plays and various others into our list of AI Forecasting features
- Locations are associated with venues based on geolocation to a radius of 500m, which, through experimentation, was determined to be the optimal range
- The AI model assigns an impact scale to each ticketed event category group, analysing how these events influence sales at individual locations
- This comparison helps determine the most likely impact each event could have on a location, enhancing the accuracy and reliability of the models
This enhancement is enabled by default and can be enjoyed by all EMEA customers using the WFM Scheduling solution, whose forecasts are generated by Fourth's AI Forecast engine.
Analysis of the Results
The new ticketed event forecasting feature has achieved an average reduction of 1.1% in Weighted Average Percentage Error (WAPE) across all UK Labour Productivity customers, impacting over 3,000 locations.
This complements the existing forecasting for extreme weather and sports fixtures, as described in this previous release note.
Release date: 23 June 2025
Best,
Paul
Fourth
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