‫Now, let's talk about Amazon Forecast.
‫And this is a very easy one
‫because it allows you to do forecasts.
‫So this is a fully managed services
‫that will use machine learning
‫to deliver a highly accurate forecast.
‫For example, you want to predict the future sales
‫of a raincoat.
‫The idea is that it's going to be 50% more accurate,
‫than looking at the data itself.
‫And you reduce forecasting time from months to hours
‫by using a managed service.
‫So the use cases can be multiple,
‫whenever you need a forecast.
‫For example, product demand planning, financial planning,
‫resource planning, and so on.
‫So how does it work?
‫Well, you take your historical time-series data,
‫for example, and you also add your product features,
‫prices, discounts, website traffic, store locations,
‫basically, any kind of data you can
‫to then enhance your model.
‫Then you upload this into Amazon S3.
‫You then start the Amazon Forecast service
‫which will create a forecasting model.
‫And you can use that forecasting model, for example,
‫to say that your future sales
‫of raincoats are going to be $500,000 next year.
‫And that's it, super simple.
‫Whenever you see forecasts at the exam,
‫think Amazon Forecast.