Amazon Forecast Overview
What is Amazon Forecast
It allows you to do forecasts.
So this is a fully managed services that will use machine learning to deliver a highly accurate forecast.
For example, you want to predict the future sales of a raincoat.
Some features of using it
The idea is that it’s going to be 50% more accurate, than looking at the data itself, and you reduce forecasting time from months to hours by using a managed service.
use cases
For example, product demand planning, financial planning, resource planning, and so on.
how does it work?
Well, you take your historical time-series data, for example, and you also add your product features, prices, discounts, website traffic, store locations, basically, any kind of data you can to then enhance your model.
Then you upload this into Amazon S3.
You then start the Amazon Forecast service which will create a forecasting model.
And you can use that forecasting model, for example, to say that your future sales of raincoats are going to be $500,000 next year.
