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.