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Amazon Forecast

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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Learn from top reviewers

Amazon Forecast Works For Us!

Rating: 9 out of 10
March 30, 2023
IncentivizedVetted ReviewVerified User
Amazon Forecast has truly helped our company; there is so much info to analyze and using this product helps put it in one concise place. Easy to use and reliable. Nothing beat...
Continue reading
Verified user
Employee
Amazon Forecast2 years of experience

For Accurate forecasts of your business

Rating: 8 out of 10
May 17, 2022
IncentivizedVetted ReviewVerified User
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...
Continue reading
Varun Dhingra
Team Lead - Customer Service
Team Lead
Telus International
Amazon Forecast1 year of experience

Amazon Forecast review.

Rating: 10 out of 10
April 29, 2022
IncentivizedVetted ReviewVerified User
Amazon Forecast is a fully managed service that uses machine learning to deliver highly accurate forecasts. It helps to understand combined time-series data.
Continue reading
Verified user
Engineer
Amazon Forecast2 years of experience

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

Rating: 7 out of 10
April 28, 2022
IncentivizedVetted ReviewVerified User
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 ...
Continue reading
Srinivasan V Iyer
Engineer - Information Technology
Senior Security Analyst
Radware
Amazon Forecast1 year of experience

A great all rounder if you can keep costs undercontrol

Rating: 7 out of 10
April 26, 2022
IncentivizedVetted ReviewVerified User
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 ...
Continue reading
Verified user
Manager
Amazon Forecast1 year of experience
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Pricing

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Amazon Forecast

Amazon Forecast

N/A
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

Offerings

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

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Product Demos

Amazon Forecast demo by Team Neoterics

YouTube

Amazon Forecast – Forecasting - From Months to Days (Hebrew)

YouTube
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Product Details

What is Amazon Forecast?

Amazon Forecast Technical Details

Operating SystemsUnspecified
Mobile ApplicationNo
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Comparisons

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Reviews and Ratings

(8)

Reviews

(1-5 of 5)
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Amazon Forecast Works For Us!

Rating: 9 out of 10
Incentivized
March 30, 2023
Verified User
Vetted Review
Verified User
Amazon Forecast
2 years of experience
Use Cases and Deployment Scope
Amazon Forecast has truly helped our company; there is so much info to analyze and using this product helps put it in one concise place. Easy to use and reliable. Nothing beats it.
Pros and Cons
  • Identifies key trends
  • Keeps track of historical data like sales, cashflow, inventory, etc.
  • Personalized forecasting model
Likelihood to Recommend
I feel this product is strong for tracking and analyzing data. It's been extremely useful for making the best possible forecast model as it does learn and becomes stronger the more data it receives.
Most Important Features
  • Reliable
  • Easy to use interface which is helpful for all departments to use
  • Forecasts can be turned into custom applications
Return on Investment
  • This has increased our ROI by giving us accurate data to improve our business model with

For Accurate forecasts of your business

Rating: 8 out of 10
Incentivized
May 17, 2022
VD
Varun Dhingra
Team Lead
Telus International (Information Technology & Services, 5001-10,000 employees)
Vetted Review
Verified User
Amazon Forecast
1 year of experience
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
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.
Most Important Features
  • Easy to access tons of data at one place
  • Future estimation is surprisingly accurate.
Return on Investment
  • Insights have been available much more quickly and well designed manner
  • Integration with other tools has been flawless
Alternatives Considered
Other Software Used

Amazon Forecast review.

Rating: 10 out of 10
Incentivized
April 29, 2022
Verified User
Vetted Review
Verified User
Amazon Forecast
2 years of experience
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.
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.
Most Important Features
  • It provides amazing prediction based on user provided parameters and variables.
Return on Investment
  • Data is important for business, the tool helps to forecast the future of the business based on previous data.
Alternatives Considered
Cost-effective and user-friendly.
Other Software Used

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

Rating: 7 out of 10
Incentivized
April 28, 2022
SV
Srinivasan V Iyer
Senior Security Analyst
Radware (Information Technology & Services, 201-500 employees)
Vetted Review
Verified User
Amazon Forecast
1 year of experience
View profile
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
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.
Most Important Features
  • Integration with AWS
  • Forecasting the upcoming usages
  • ML and AI
Return on Investment
  • Helped in planning the resources required.
  • ML and AI delivered near perfect forecasts.
  • Features and the details available for the cost is not enough.
Alternatives Considered
There was no other product or service that was considered before making the choice to go with Amazon Forecast as the forecasting that the company was looking for had everything running in the AWS environment, the choice had to be obvious. Integrating with Amazon Forecast also ensured that everything is under a single roof and we didn't have to go multiple places looking for data when needed.

A great all rounder if you can keep costs undercontrol

Rating: 7 out of 10
Incentivized
April 26, 2022
Verified User
Vetted Review
Verified User
Amazon Forecast
1 year of experience
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
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.
Most Important Features
  • Dataset importing
  • Generating/predicting spike forecasts
  • Training predictors
Return on Investment
  • It can definitely spike in costs if not heavily controlled internally via processes
  • Has proven useful around digital resource forecasting, proving more accurate than traditional methods
  • Had an unforeseen cost increase in terms of training internal users
Alternatives Considered
Amazon Forecast immediately stood out for us during product evaluation due to our tech ops team having significant AWS experience. Having a relatively good understanding of the pricing tiers, environment setup, and an active tech ops team within AWS meant that there was a basic understanding of the UI, terms, and concepts compared to other products in the product evaluation stage.
Other Software Used
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