Introduction to Amazon Forecast and its use cases

In this recipe, we will learn about Amazon Forecast. We will also learn about the use cases of Amazon Forecast.

Recipe Objective - Introduction to Amazon Forecast and its use cases?

The Amazon Forecast is a widely used service and is defined as a fully managed service that delivers extremely accurate forecasts using machine learning. Amazon Forecast, which is based on the same technology as Amazon.com, combines time series data with extra variables to create forecasts using machine learning. To get started with Forecast, Users don't need any machine learning skills. Users simply need to supply previous data, as well as any other information they think would affect their estimates. For example, demand for a specific colour of the garment may fluctuate depending on the season and retail location. This complicated link is difficult to discern on its own, but machine learning is well-suited to do so. Many of the domains that naturally create time-series data have forecasting issues. Retail sales, medical analysis, capacity planning, sensor network monitoring, financial analysis, social activity mining, and database systems are just a few of the examples. Forecasting, for example, is critical to automating and improving operational processes in most firms so that data-driven decision making is possible. Forecasts for product supply and demand may be used for inventory management, personnel scheduling, and topology planning, among other things, and are a critical tool for most elements of supply chain optimization.

Apply Machine Learning to Demand Forecasting Data Science Problems

Benefits of Amazon Forecast

  • The Amazon Forecast Amazon Forecast utilises machine learning (ML) to provide more accurate demand estimates with only a few clicks, and no prior ML training is required. Amazon Forecast comprises algorithms based on Amazon.com's twenty-year forecasting experience and built knowledge, delivering the same technology to developers as a fully managed service, eliminating the need to manage resources. Amazon Forecast utilises machine learning to learn not just the best algorithm for each item, but also the best ensemble of algorithms for each item, resulting in the best model for user's data being created automatically and thus providing advanced automated machine learning. Amazon Forecast includes a forecast Explainability report in the form of affect ratings for all the user's forecasts, particular periods of interest, or specified time durations, allowing users to see what elements, such as pricing, vacations, or weather, are driving its projections. Explainability gives you additional information about how to better manage a user's company's operations and thus it forecast explainability.

System Requirements

  • Any Operating System(Mac, Windows, Linux)

This recipe explains Amazon Forecast and the Use cases of Amazon Forecast.

Use cases of Amazon Forecast

    • It has a use case of adding ML forecasting to user's SaaS solutions

The Amazon Forecast improves the capabilities of the software as a service (SaaS) products by integrating machine learning-based predictions to discover complicated demand linkages.

    • It has a use case in optimizing product demand planning

Amazon Forecast combines historical sales and demand data with online traffic, price, product category, weather, and holiday information to forecast inventory needs for particular establishments.

    • It has a use case of managing resources efficiently

With the Amazon Forecast with precise resource need forecasting in near-real time, you can improve utilisation and customer satisfaction.

What Users are saying..

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Abhinav Agarwal

Graduate Student at Northwestern University
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I come from Northwestern University, which is ranked 9th in the US. Although the high-quality academics at school taught me all the basics I needed, obtaining practical experience was a challenge.... Read More

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