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Amazon Forecast description
Amazon Forecast is a software tool powered by machine learning, designed to help businesses make accurate predictions about the future. It's like having a crystal ball for your data! Forecast analyzes your historical information and identifies patterns to anticipate upcoming trends, whether it's predicting sales, inventory needs, or customer behavior. This Amazon Web Services (AWS) tool takes the complexity out of forecasting, making it accessible for various needs.
Who is Amazon Forecast best for
Amazon Forecast empowers businesses to predict future trends using machine learning. This AWS tool analyzes historical data to forecast sales, inventory, and customer behavior. While praised for its accuracy and scalability, some users find setup challenging and the cost high.
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Best fit for small to mid-sized businesses.
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Suitable for businesses across various industries.
Amazon Forecast features
| Supported Amazon Forecast supports predictive modeling using machine learning algorithms. |
| Supported Amazon Forecast uses historical data and machine learning to predict future performance. |
| Supported Amazon Forecast uses probabilistic AI-driven forecasting to predict various outcomes. |
| Supported Amazon Forecast predicts demand, optimizes stock, and prevents lost sales or stockpiling. |
| Supported Amazon Forecast supports probabilistic forecasting with customizable quantiles (1-99%). |
Amazon Forecast reviews
We've summarised 81 Amazon Forecast reviews (Amazon Forecast G2 reviews) and summarised the main points below.
- Automated data analysis and forecasting, saving time and resources.
- High accuracy of predictions based on machine learning algorithms.
- Scalability and reliability of AWS infrastructure.
- Integration with other AWS services for seamless workflows.
- Handles large datasets and complex models efficiently.
- Difficult setup and configuration, requiring expertise in forecasting and AWS.
- High cost, especially compared to alternatives.
- Limited customization of algorithms and models.
- Over-reliance on AWS ecosystem, creating vendor lock-in.
- Steep learning curve for beginners, insufficient documentation and tutorials.
Amazon Forecast pricing
The commentary is based on 16 reviews from Amazon Forecast G2 reviews.
Amazon Forecast offers powerful, accurate predictions but its cost is a common concern. While some find setup challenging and data preprocessing costly, many appreciate its scalability and integration with other AWS services. The pay-as-you-go model can be expensive, especially for smaller businesses or those with limited usage.
See the Amazon Forecast pricing page.
Amazon Forecast alternatives
SAS ViyaBetter for comprehensive data analytics, reporting, and visualization. A strong SAS Viya alternative for users prioritizing a broader range of analytical tools beyond forecasting. It has less momentum than Amazon Forecast.Read more
SAS Visual ForecastingBetter suited for enterprise-level forecasting and time series analysis. Caters to a broader audience, including less technical users, with its user-friendly interface.Read more
Google Cloud BigQueryBetter for data warehousing and analytics. Offers a serverless architecture and fast query processing. More user-friendly for querying and data exploration. Integrates seamlessly with other Google Cloud Platform services. However, it has higher and less predictable costs.Read more
Talent ScienceBetter for candidate selection and team building. Focuses on predicting candidate success based on behavioral data, unlike Amazon Forecast's time-series forecasting. It has higher user ratings and positive feedback for customer service and ease of use. Ideal for medium to large businesses focused on hiring and team development.Read more
SuperLearnerBetter for medium-sized businesses and has more momentum. A good Amazon Forecast competitor for finance, IT, and marketing.Read more
TrendMinerBetter fit for manufacturing businesses looking for self-service analytics for process engineers. Focuses on real-time analysis and trend identification in process data.Read more
Amazon Forecast FAQ
What is Amazon Forecast and what does Amazon Forecast do?
Amazon Forecast is a fully managed machine learning service that uses historical time-series data to build accurate forecasts. It helps businesses predict demand, optimize inventory, and improve resource allocation. Forecast simplifies the forecasting process, making powerful machine learning technology accessible to a wide range of users.
How does Amazon Forecast integrate with other tools?
Amazon Forecast integrates seamlessly with other AWS services, facilitating efficient data flow and analysis. This integration simplifies workflows and enhances the platform's scalability for handling large datasets and complex forecasting models.
What the main competitors of Amazon Forecast?
Top alternatives to Amazon Forecast include SAS Visual Forecasting, a specialized forecasting tool, and SAS Viya, a comprehensive analytics platform. Other competitors offering forecasting capabilities are Google Cloud BigQuery and TrendMiner. These alternatives provide varying levels of automation, customization, and industry-specific features.
Is Amazon Forecast legit?
Yes, Amazon Forecast is a legitimate and safe software offered by Amazon Web Services (AWS). It leverages machine learning for accurate predictions, aiding businesses in forecasting sales, inventory, and other key metrics. However, some users find the setup complex and the cost high.
How much does Amazon Forecast cost?
I couldn't find specific pricing details for Amazon Forecast. Contact Amazon Web Services sales for custom pricing based on your product usage. This includes data storage, training hours, and forecast generation.
Is Amazon Forecast customer service good?
Amazon Forecast's customer service receives mixed reviews. While some users had a great experience, others found the support team's responses inadequate and the documentation lacking, making it difficult to use the platform effectively without assistance.
Reviewed by
Michal has worked at startups for many years and writes about topics relating to software selection and IT management. As a former consultant for Bain, a business advisory company, he also knows how to understand needs of any business and find solutions to its problems.
Tymon is a seasoned CTO who loves finding the perfect tools for any task. He recently headed up the tech department at Batmaid, a well-known Swiss company, where he managed about 60 software purchases, including CX, HR, Payroll, Marketing automation and various developer tools.