Living with COVID… and increasing the value of your business with Foresense Technology

Foresense Technologies offers a low-cost, high return on investment model geared towards improving business efficiency and the bottom-line.

Consider this scenario.

John and Tina are owner/ operators of a successful, popular mid-sized café in an upmarket suburban shopping district.

They had always planned to build-up the business and sell it to fund travels in their retirement in 2020.

Then COVID hit.

Not only can they not freely travel for the time being, but the unique conditions have raised some serious questions to the perceived value of the café on the open market.

Two years ago they decided to invest in an exciting new development in presence detection technology for retail and hospitality – the Foresense platform.

Foresense Technologies offers a low-cost, high return on investment model geared towards improving business efficiency and the bottom-line.

In a similar way to how behavioural data is utilised online through careful analysis of aspects such as dwell time, session duration, and unique and return visitations, Foresense collects presence data through sensors integrating with visitors’ smartphones compiling a highly detailed data repository for immediate – and future – reference unique to any business.

With business evaluations typically determined by factors such as revenue, profits- and-losses finances, current market conditions and risks, concepts such as intrinsic value, competitive advantage, intangible assets and future opportunities have never been more relevant to business sales in these uncertain times.

This is where the Foresense platform comes into the fray.

Foresense has among its vast feature set two key characteristics – detailed data collection/collation over time and an ability to divulge real- time information on any given area and its patrons.

COVID outbreaks and hot-spots have now become the norm as we learn to live with the virus.

With more questions than answers regarding vaccination availability and efficacy – not to mention distribution and roll-out timeframes, it is clear that the virus will continue to change the ways in which we go about our daily lives for the foreseeable future.

Currently the only real, concrete way to combat the virus spread is the careful monitoring of peoples movements, their contacts, and overall density and total numbers in any given space.

With regulatory and compliance frameworks now in place in many parts of the world any business that has a designated AI system in place to address these concerns has a clear advantage over its competitors.

Foresense can track and breakdown the entire visitor experience from traffic flow and individual movement across different areas to gain insight into streamlining processes and alleviate congestion.

The platform can be used to monitor and control the number of people in any given area to address density regulations and because the platform is accessible in real-time, adjustments can be made to ensure maximums are not exceeded and people can keep their social distance from one another.

Easily log unique individual characteristics such as the time spent in proximity with other patrons and employees to allow for automated intelligent internal contact tracing.

The possibility also exists to identify those who have not recently received negative COVID testing in where such regulations are introduced.

And with a highly detailed, irrefutable electronic database log of past years’ activity in comparison to the months affected by COVID shutdowns, patron density regulations and reluctance by many to frequent hospitality destinations, Foresense can present a highly accurate picture of forecast earnings once COVID is behind us all.

Because the platform can display minute-by-minute data of patron numbers and their spending habits, there is no room for inaccuracy or misrepresentation of monthly earnings here.

Prospective buyers will be able to see the true, bigger picture and really drill down to discover aspects such as average time spent on site versus individual spend, new and return visitor data, or the breakdown of time spent seated and queuing at cashier and refreshment facilities and even cross-platform data through integration with loyalty and rewards programs and membership and customer relationship management software.

Back to John and Tina.

It is a long held belief in business, investor and entrepreneurial circles that more information at hand equates to more highly informed decisions with less risk.

With the Foresense platform, the readily available hard data on patronage and individual spending prior to COVID will make a strong case in negating the short term ups and downs of the hospitality sector and the economy at large.

As a pre-installed high-tech AI solution addressing density and total patron number concerns it will also help them in discussions with prospective buyers concerned with future-proofing and upcoming necessary expenditures.

Foresense adds to any business’ intrinsic value, its intangible assets, competitive advantage and future opportunities.

And the many other features of the Foresense platform that will also help to run the business more efficiently moving forward will also undoubtedly help in negotiations.