AWS Machine Learning Revolutionizes Your Demand Prediction

Over a third of the top 50 US retailers report poor forecasting accuracy and lost revenue opportunities due to inventory distortion. Challenges such as shrinkage, stockouts, and overstock cost nearly $1.1T. There’s a need for accurate and streamlined demand forecasting.

Part of the problem is that over 40% of the retail industry uses manual demand forecasting methods. This operational inefficiency limits how quickly a retailer can adapt to shifts in the market and remain competitive.

This digital event explains how Amazon Forecast uses machine learning (ML) to automate and deliver highly accurate forecasts. Utilizing the same technology as Amazon itself does for its business predictions, Amazon Forecast combines ML, time series data, and variables specific to your company to build better forecasts. It unlocks insights­ that power innovation.

We showcase how one of SoftServe’s retail clients used this system to unlock working capital by decreasing inventory spend by 12%. It had zero negative impact on sales and optimized demand prediction.

Watch and learn how Amazon Forecast and ML optimize demand prediction, drive cost savings, and increase competitive strength by improving your forecast accuracy.