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Price Prediction with AWS Forecast

JBS SA engages in the processing of beef, pork, lamb, chicken, and also produces value added and convenience food products. It operates through the following business segments: Beef, Poultry, Lamb and Pork. JBS S.A. is the largest (by sales) meat processing company in the world.

JBS Beef prides itself on adapting to the latest science and technology trends to improve their products. In order to optimize their pricing, JBS wanted to improve their forecast to enhance decision making around production strategy. TensorIoT and Amazon Web Service (AWS) engaged with JBS to implement a machine learning based forecasting model to predict the prices of beef, which helps JBS better set the prices of their product and meat production. Services such as AWS Sagemaker allow JBS’s team to build, train and deploy machine learned forecast that can ingest previous time series data along with metadata and external data to improve business processes by enabling actionable insights around forecasting for sales, feed prices, and prices for cattle and beef product, which helps prevent over and/or under pricing.

Amazon Forecast

Amazon Forecast is a fully managed deep learning service for time-series forecasting. By providing Amazon Forecast with historical timeseries data, you can predict future points in the series. Time-series forecasting is useful in multiple domains, including retail, financial planning, supply chain, and healthcare. You can also use Amazon Forecast to forecast operational metrics for inventory management, and workforce and resource planning and management.