Amazon Forecast Pros and Cons

Amazon Forecast is a powerful predictive analytics service offered by Amazon Web Services (AWS). It provides developers and data scientists with the tools and capabilities to build accurate forecasts for a wide range of business use cases Review collected by and hosted on G2.com.

Amazon Forecast provides user-friendly interfaces and documentation, it can still be complex for beginners or users without a strong background in data science. Understanding the various concepts, algorithms, and configuration options may require some learning curve. Review collected by and hosted on G2.com.

The best aspect about using this software is the attention to detail that the system gives you. The data inputted is meticulously screened for anomalies making it easier to manage for accountability. Review collected by and hosted on G2.com.

The negative aspect of this system is the amount of time staff and the team need to get accustomed to all the software and systems to make it navigatable, do not get me wrong there is help out there but it just takes a lot of staff productivity time. Review collected by and hosted on G2.com.

To use the Amazon forecast you do not need any in-depth machine learning, while still can utilize AI capabilities. Basically all you do is upload you data, the rest is done by AWS Forecast.

Other great part is that it's auto-scaled and you pay only for what you use Review collected by and hosted on G2.com.

AWS Free Tier only lets you use the forecast for free only for 2 months.

You can not really influence on algorithm's as algorithm's customization is very limited. Review collected by and hosted on G2.com.

As it's a fully managed service for forecast generation that uses statistical method & Machine Learning algorithms that computes a higher accuracy on time-series forecasts, can be used in many areas like retail, finance, logistics and etc... Review collected by and hosted on G2.com.

Custom Model Implementation and usage is quite tough, meaning we can import our own research model into the automated flow of Amazon Forecast, but based on the discussion they are trying to implement this feature. Review collected by and hosted on G2.com.

The best in the market when it comes to predictive analysis, goes through so much data, helps in predicting product demand, inventory management, pricing changes per location, etc.

It's the perfect forecasting tool for businesses who have a bigger budget. Review collected by and hosted on G2.com.

The pricing, it is comparatively quite expensive when you assess the alternatives in the market.

However, the cost comes with unmatched benefits & capabilities so if your budget affords it I would recommend it. Review collected by and hosted on G2.com.

I like how it's all inclusive from a multiple approach to figuring out how to maximize various aspects that ultimately will influence your bottom line. Review collected by and hosted on G2.com.

So far, I haven't seen anything that wasn't likeable about this software! I Review collected by and hosted on G2.com.

Amazon forecast is really helpful when any business wants time series-based forecasting. Its accuracy is really awesome compared to other forecasting tools. Review collected by and hosted on G2.com.

Although Amazon Forecast has got really good features, there are some things they can improve. They need to improve their documentation and tutorials. Sometimes it seems difficult to setup with provided documentation. Review collected by and hosted on G2.com.

It can handle large amounts of data automatically.

It is easy to use.

It generates highly accurate forecasts.

It can be used for a variety of forecasting needs. Review collected by and hosted on G2.com.

While the usability of this tool is straightforward once configured, the initial setup process demands substantial effort and a comprehensive grasp of forecast data is essential. Consequently, implementing it may lead to additional expenses for a company. Review collected by and hosted on G2.com.

I believe that Amazon Forecast works very accurately and precisely when it comes to AI-based analysis of past data to predict future possibilities. It is fast and can save thousands of data points and predict future trends based on the same processed data. Review collected by and hosted on G2.com.

Not easy for beginners as it requires insights to set forecasts and is more expensive if for small businesses that cannot always afford such costs. Review collected by and hosted on G2.com.

Accuracy and Scalability are game changing features of this product. With advanced ML and DS, Amazon Forecast ensures highly accurate results. Flexibility of in house and customized models is really amazing. Review collected by and hosted on G2.com.

Although it is really easy to use once setup, but setting it up requires a lot of efforts and understanding of Forecast data is required for the same. This can incur extra cost on a company Review collected by and hosted on G2.com.