Amazon Forecast
A machine learning forecasting service for business metrics analysis.
Pricing
Free TrialPaid plans start from $0.088 per GB
New Features
Open Source
Tool Info
Rating: N/A (0 reviews)
Date Added: October 26, 2023
Categories
Generative AIE-commerceLogistics
What is Amazon Forecast?
Amazon Forecast is a fully managed time-series forecasting service designed for business metrics analysis. It uses the same machine learning technology as Amazon.com to forecast millions of items, optimize inventory, make long-term decisions, and increase customer satisfaction. Use cases include retail and inventory forecasting, workforce planning, and travel demand forecasting.
Key Features and Benefits
- Scalable forecasting: The service enables scaling of operations by forecasting millions of items, utilizing technology similar to that of Amazon.com.
- Inventory optimization: Accurate forecasts at a granular level can help reduce waste and improve capital utilization.
- Enhanced decision-making: The service can aid in making long-term decisions with greater confidence.
- Improved customer satisfaction: Optimal staffing can be ensured to meet varying demand levels, potentially increasing customer satisfaction.
Use Cases
- Retail and inventory forecasting: Reduce waste, increase inventory turns, and improve in-stock availability by forecasting product demand at specific probability levels.
- Workforce planning: Forecast workforce staffing at 15-minute increments to optimize for high and low demand periods.
- Travel demand forecasting: Forecast foot traffic, visitor counts, and channel demand to more efficiently manage operating costs.
- Long-term decision making: Make informed decisions with more confidence by using accurate forecasts at a granular level.
- Increase customer satisfaction: Ensure optimal staffing to meet varying demand levels and improve customer satisfaction.
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