Forecast Your Sales Using Amazon Forecast- A Time-Series Forecasting Service

by Nov 21, 2019

What is Amazon Forecast?

Amazon Forecast is an accurate time-series forecasting service that uses machine language  to deliver highly accurate forecasts.

Why I need Amazon Forecast?

As an Organization you are always looking at ways to predict the future trend so that you can plan your resources,product launch, sales etc and as you know predictions based on time-series alone are not always correct and margin of error is more,but with Amazon Forecast you can produce forecasting models that are not only more accurate, but you can do it within hours rather than months that traditional methods take to build a model. 

 

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How does Amazon Forecast work?

 Amazon Forecast uses machine learning to combine time series data with additional variables to build forecasts.You need to provide historical data and any other data that you might think will be helpful in forecasting and based on it, this service with the help of a large library of built-in algorithms produces a custom forecasting model and then it trains and optimizes it.

How will i be charged for Amazon Forecast?

No minimum fees or no upfront commitments. This is a fully managed service, so you do not have to worry about server provisioning or about building machine learning models to build, train or deploy. You pay only for what you use.

Is my data secure ?

Every interaction you have with Amazon Forecast is protected by encryption. Any content processed by Amazon Forecast is encrypted with customer keys through Amazon Key Management Service, and encrypted at rest in the AWS Region where you are using the service.

How can I view the forecasts?

1.Forecasts can be seen on the console.

2.Forecasts can be exported in batch in CSV format .

3.Forecasts can be retrieved using API and integrated into custom applications.

Which industries or organizations can use Amazon Forecast?

Amazon Forecast allows you to build forecasts for virtually every industry and use case, including retail, logistics, finance, advertising performance, and many more.

Is the forecasting model unique to my data?

Amazon Forecast provides forecasts by using machine learning to automatically discover how time series data and other variables impact your business. The models built by this  are unique to your data, which means the predictions are custom fit to your business.

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