Amazon Forecast

Amazon Forecast

Score 8.5 out of 10
Amazon Forecast

Overview

What is Amazon Forecast?

Amazon Forecast is a fully managed service that uses machine learning to deliver accurate forecasts. Amazon Forecast can use historical time series data (e.g., price, promotions, economic performance metrics) to create accurate forecasts for businesses.
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Pricing

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Amazon Forecast

Amazon Forecast

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Unavailable

What is Amazon Forecast?

Amazon Forecast is a fully managed service that uses machine learning to deliver accurate forecasts. Amazon Forecast can use historical time series data (e.g., price, promotions, economic performance metrics) to create accurate forecasts for businesses.

Entry-level set up fee?

  • No setup fee

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  • Free Trial
  • Free/Freemium Version
  • Premium Consulting / Integration Services

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Product Details

What is Amazon Forecast?

Amazon Forecast is a fully managed service that uses machine learning to deliver accurate forecasts. Amazon Forecast can use historical time series data (e.g., price, promotions, economic performance metrics) to create accurate forecasts for businesses.

Amazon Forecast Technical Details

Operating SystemsUnspecified
Mobile ApplicationNo
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Comparisons

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Reviews and Ratings

 (11)

Reviews

(1-6 of 6)
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May 17, 2022

For Accurate forecasts of your business

VD
Varun Dhingra
Team Lead
Telus International (Information Technology & Services, 5001-10,000 employees)
Score 8 out of 10
Vetted Review
Verified User
Use Cases and Deployment Scope
Amazon Forecast works very accurately when it comes to AI based analysis of previous data to predict the future possibilities. It is fast and can save tons of data and predict future trends based upon them.
Pros and Cons
  • Predictive Analysis of data for future use.
  • Single place to save and access a whole lot of data
  • Very fast and surprisingly accurate
  • Not easy for beginners as it requires insights to set the forecast
  • Much more expensive if considered for small businesses
Likelihood to Recommend
It can be well suited where data can be integrated from SAP or Oracle or from various spreadsheets and makes it much easier there to have better insights of data.
May 04, 2022

It is an important software for the company.

Hinami Swigartg Gorham | TrustRadius Reviewer
Hinami Swigartg Gorham
Human Resources Administrative Specialist
Life Time Inc. (Health, Wellness and Fitness, 10,001+ employees)
Score 9 out of 10
Vetted Review
Verified User
Use Cases and Deployment Scope
Amazon Forecast simplifies complicated environments that require robust forecasts based on financial, workforce, key supply point, and general business data without requiring pre-loading data because predictive analytics are real-time and automated. Amazon Forecast predicts web traffic with a robust algorithm, we have and still extensive predictive analytics system with Amazon Forecast, it extends widely to many areas of the company and continues to grow.
Pros and Cons
  • Robust predictive algorithms.
  • All analyzes are in real time and based on productivity metrics.
  • It is expensive software, this is a problem for small businesses.
  • It does not have robust customization features.
Likelihood to Recommend
It is important to mention that Amazon Forecast is a high-level predictive analysis software, it is not the same as other alternatives on the market, this software, if integrated perfectly, is also capable of improving many business aspects such as web traffic, inventory, personnel and all this without complicated configurations and this shows that it is the best decision for the company from the point of view of productivity.
April 29, 2022

Amazon Forecast review.

Verified User
Engineer in Engineering
Computer Software Company, 10,001+ employees
Score 10 out of 10
Vetted Review
Verified User
Use Cases and Deployment Scope
Amazon Forecast is a fully managed service that uses machine learning to deliver highly accurate forecasts. It helps to understand combined time-series data.
Pros and Cons
  • Develop benchmarks for use in future forecast.
  • Performs contingency planning during challenging financial times.
  • Anticipate the impact of new expanse.
  • It doesn't give 100% accurate result always.
Likelihood to Recommend
It's user-friendly and the best part is it gives more accurate results compared to other tools available on the market.
April 28, 2022

Amazon Forecast might be a good solution but comes with a hefty price tag

Srinivasan V Iyer | TrustRadius Reviewer
Srinivasan V Iyer
Senior Security Analyst
Radware (Information Technology & Services, 201-500 employees)
Score 7 out of 10
Vetted Review
Verified User
Use Cases and Deployment Scope
Amazon Forecast is being deployed into the system for us to predict incoming expenses that can be incurred by the usage of the services within the AWS. Helps in resources and operational planning that are very helpful for the determination of the workforce and the resources that might be required in the future.
Pros and Cons
  • Ease of use
  • Integration with AWS Services
  • ML and AI for better prediction
  • High on Cost
  • Lack in customization
  • Limited availability of integration
Likelihood to Recommend
Amazon Forecast is well suited when you are a company that's looking for a simple and effective solution in terms of understanding and predicting your resources planning in the AWS. However, it's also good to know that the cost that is incurred is higher and not suited for anything other than the AWS solutions integrations.
April 26, 2022

A great all rounder if you can keep costs undercontrol

Verified User
Manager in Information Technology
Publishing Company, 201-500 employees
Score 7 out of 10
Vetted Review
Verified User
Use Cases and Deployment Scope
Forecasting and predicting future points in the supply chain, using historical data to estimate as accurately as possible the quantity of print and raw materials required for manufacturing and printing. We also experimented with both resource and operational planning to predict future staffing requirements and server capacity based on accelerated digital growth as a result of increased digital output that was required from COVID.
Pros and Cons
  • Built-in datasets
  • Accuracy
  • Machine learning
  • Potential very high costs
  • Predicting ongoing running costs
  • Very product focused
Likelihood to Recommend
I personally get the feeling that Amazon Forecast must have been a direct product released on the models Amazon themselves must have used at some port. Amazon Forecast definitely shines when using it for product demand, inventory, and pricing throughout store locations, etc. Everything, including data-set importing, works best in this context. When applying it to more edge cases like resource planning around events, it can be a bit more tricky to apply effectively.
April 26, 2022

Amazon forecast for cold start

Ivan Cui | TrustRadius Reviewer
Ivan Cui
Data Scientist II
Amazon Web Services (AWS) (Information Technology & Services, 10,001+ employees)
Score 9 out of 10
Vetted Review
Verified User
Use Cases and Deployment Scope
I have used Amazon Forecast when consulting for other customers looking to build a cold start forecasting engine for their new products. Amazon Forecast provided a built-in model called DeepAR to have this problem perfectly solved, which allows the customer to reduce their forecasting error by 30%.
Pros and Cons
  • Easy to use
  • Multiple built-in model to choose from
  • Easily integrated with other AWS services
  • Model performance is limited
  • Has some constraints on model input
  • Not much customization
Likelihood to Recommend
Amazon Forecast is well-suited when your entire service or infrastructure is built on AWS, where you can easily integrate with other AWS services. On the other hand, it can be harder to blend if you have something made using another cloud provider, but the API calls are easy to use.
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