The ability to predict the future is a sure way to give yourself time to be ready for any situation. Companies go through a lengthy process of time series analysis just to get at such a stage. It involves meticulous financial planning including spreadsheets combined with other complicated software and playing around with large data sets. On top of that, this method struggles when trends tend to deviate slightly from the norm. The dependence on historical data does not help too, it looks purely at sales data with no other variable involved. On the other hand, if you were to use Amazon Forecast, you can incorporate so much more in predictions.
Forecast uses advanced machine learning by AWS to learn from your past data and other variables for you to use. Besides just time-series data, you can combine it with more to build more reliable forecasts. Having time-series does not account for seasonal changes to demand and sales, for example, jackets selling more during the winter. The more variables you have on top of time-series data, the more Forecast can accurately tell you the future. You can include an endless possibility of such variables too, you won’t have to worry about their varying complexities. Leave all that stuff to Amazon’s machine learning models. Once you do give Forecast this data, it will draw correlations and see if it does indeed induce any changes.
Your business can benefit immensely from all of this, as mentioned in the reasons below.
According to Amazon, Forecast increases accuracy by around 50%. Machine learning will help you make links of time-series with other important factors like product availability and location. By seeing how everything affects each other, you can find even newer ways to formulate business strategies. The difference between just having time-series data and having Amazon Forecast will immediately become staggering to you. Keep using these models with the unique variables you provide them with, and soon it becomes your own tailored solution. A solution that works for your business by learning more and more from your business.
Normally, forecasting to achieve greater accuracy is a process that could stretch to months of work. With Forecast, you can achieve the same if not better results in just a few hours. Just have your time-series data available in your Amazon S3 database, and leave it to Forecast to initiate the import. It will analyze your data to identify the key attributes that it needs to make predictions. That is when the model begins its training and hosts them in an environment where forecasting can be done. The automated process of training makes the overall deployment and hence the forecasting much quicker than it has ever been.
You are going to need more than one type of forecast if you want to run a successful business. These should span over most areas of your business if you truly want to leverage Amazon Forecast and machine learning. You actually can create them for just about any industry like retail, marketing, and many more. Just feed in the time series data for either of these and the models will start deciphering what is right. Constructed variables are recommended and should be put into the model for the best results. These can also be purely custom and of any type.
Absolutely everything you do inside Amazon Forecast has encryption enabled and cannot be shared with anyone else. The Amazon Key Management Service comes into play here, it uses customer keys for encryption and is localized in the AWS region. If you happen to be an Administrator, you can control access through an AWS IAM. That stands for Identity Access Management and is integrated with all AWS services to never compromise on security.
When you have Amazon Forecast fully set up with all of your time series and variables data, it’s no different than having your own personal fortune teller. Leverage this opportunity and use one of the best services offered by AWS. Have a better understanding of how to predict opportunities and mitigate threats that may one day come to you.
RT Labs is an AWS certified firm and has completed several projects in AWS Cloud Application Development, Machine Learning & Artificial Intelligence, AWS DevOps, and more. Contact Us now for a FREE Business Analysis. We will be glad to assist you!