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Amazon Forecast

Score8.9 out of 10

8 Reviews and Ratings

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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.

Categories & Use Cases

Reviews

What users are saying about Amazon Forecast.
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Amazon Forecast might be a good solution but comes with a hefty price tag

Incentivized
Srinivasan V IyerView profile
Senior Security Analyst in Information Technology at Radware (201-500 employees employees)

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

  • Ease of use
  • Integration with AWS Services
  • ML and AI for better prediction

Cons

  • High on Cost
  • Lack in customization
  • Limited availability of integration

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.

For Accurate forecasts of your business

Incentivized
Varun Dhingra
Team Lead in Customer Service at Telus International (5001-10,000 employees employees)

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

  • Predictive Analysis of data for future use.
  • Single place to save and access a whole lot of data
  • Very fast and surprisingly accurate

Cons

  • Not easy for beginners as it requires insights to set the forecast
  • Much more expensive if considered for small businesses

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

Tableau Server

Other Software Used

VMware Horizon, CheckPoint, Cisco AnyConnect, Cisco Finesse

Amazon Forecast Works For Us!

Incentivized
Verified User
Employee in Quality Assurance (1001-5000 employees employees)

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

  • Identifies key trends
  • Keeps track of historical data like sales, cashflow, inventory, etc.
  • Personalized forecasting model

Cons

  • Sometimes the program is glitchy and we'll need to log out and log in again

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

A great all rounder if you can keep costs undercontrol

Incentivized
Verified User
Manager in Information Technology (201-500 employees employees)

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

  • Built-in datasets
  • Accuracy
  • Machine learning

Cons

  • Potential very high costs
  • Predicting ongoing running costs
  • Very product focused

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

RapidMiner Studio

Other Software Used

ManageEngine Device Control Plus, ManageEngine ServiceDesk Plus, Bitbucket

Amazon Forecast review.

Incentivized
Verified User
Engineer in Engineering (10,001+ employees employees)

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

  • Develop benchmarks for use in future forecast.
  • Performs contingency planning during challenging financial times.
  • Anticipate the impact of new expanse.

Cons

  • It doesn't give 100% accurate result always.

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

SAP Analytics Cloud

Other Software Used

Tableau Online, Azure SQL Database