Posted On: Mar 16, 2020
Amazon Forecast is now available in the Asia Pacific (Sydney, Bombay) and EU (Frankfurt) regions. Amazon Forecast is a fully managed service that uses machine learning (ML) to generate accurate forecasts, without requiring any prior ML experience. Amazon Forecast is applicable in a wide variety of use cases including energy demand forecasting, product demand forecasting, inventory planning, workforce planning and cloud infrastructure usage forecasting.
Amazon Forecast produces private, custom models that can help developers make predictions that are up to 50% more accurate than traditional methods. Using machine learning, Amazon Forecast automatically discovers how variables such as product features, seasonality, and location affect each other. These complex relationships can be difficult to spot using traditional forecasting methods, but Amazon Forecast uses the machine learning developed at Amazon to quickly recognize complex patterns in data, to improve forecast accuracy. Amazon Forecast automatically sets up a data pipeline, ingests data, trains multiple machine learning forecasting models, selects the best performing model for your data, and provides a private API to download forecasts from. Developers do not need to have any expertise in machine learning to start using Amazon Forecast, and can use Amazon Forecast using an Application Programming Interface (API), or an easy-to-use console to build custom machine learning models in less than five clicks. With Amazon Forecast, customers can build forecasting models that usually take months of engineering effort, in as little as a few hours. Additionally, while using Amazon Forecast, you only pay for what you use, and there is no minimum fee or upfront commitment. To learn more about Amazon Forecast, visit the product page.