NEWTOWN, Pa. - EPAM Systems, Inc. (NYSE: EPAM), in partnership with the International Monetary Fund (IMF), has introduced StatGPT 2.0, a new platform aimed at enhancing accessibility to economic and financial data worldwide. This platform, showcased at the 2024 IMF Statistical Forum, signifies a step forward in the way users interact with global economic statistics.
The StatGPT 2.0 Platform, built upon EPAM's DIAL technology, promises a more efficient user experience in data management and exchange through a conversational data exploration and analytics approach. It allows users to engage with data using natural language, streamlining the process of locating and understanding relevant statistics.
Over the past six months, EPAM and IMF experts have collaborated closely to develop StatGPT 2.0. The platform underwent an evaluation process involving more than 100 representatives from SDMX sponsoring institutions and national statistical organizations, using eight publicly available datasets.
Jim Tebrake, Deputy Director of the Statistical Department of IMF, expressed enthusiasm about the platform's potential to transform data access. "The StatGPT 2.0 GenAI-powered platform will significantly improve the way users access the world's global economic data," he said.
Ilya Gorelik, Vice President and Head of EPAM's Reliable AI Lab, also commented on the collaboration's success, noting the positive feedback from both global and IMF testing communities.
EPAM Systems, a leading provider of digital transformation services and product engineering, has been at the forefront of software engineering since 1993. The company has been recognized for its contributions to the IT services sector, including its inclusion in the S&P 500 and the Forbes Global 2000 in 2021.
StatGPT 2.0 represents EPAM's commitment to advancing AI-enabled solutions and demonstrates the potential of GenAI applications in the realm of economic and financial data. This announcement is based on a press release statement.
In other recent news, EPAM Systems, Inc. reported solid Q3 growth, exceeding market expectations with a revenue increase. This growth was fueled by a notable acquisition and strategic investments, even amidst a cautious market environment. The company's Q3 revenue reached $1.168 billion, a 1.3% increase year-over-year, and the acquisition of NEORIS doubled the delivery workforce in Latin America and Europe. A $52 million Polish government incentive also positively impacted profitability.
EPAM's CEO, Arkadiy Dobkin, noted improved client engagement and anticipates continued growth in Q4, with revenue expected to be between $1.205 billion and $1.215 billion. The company also predicts a flat year-over-year revenue for the full year, with diluted GAAP EPS between $7.78 and $7.86. Despite a slight contraction in the EMEA region and a decline in consumer goods, retail, and travel sectors, the company remains optimistic about future growth, particularly in emerging markets like India and Latin America.
These are among the recent developments at EPAM, which continues to focus on small, strategic acquisitions and improving client engagement. The company's strategy includes leveraging the NEORIS acquisition to expand global delivery capabilities and using Polish government R&D incentives to boost profitability. Despite potential challenges such as wage inflation and global uncertainties, EPAM's leadership remains confident in the company's trajectory.
InvestingPro Insights
EPAM Systems' recent collaboration with the IMF on StatGPT 2.0 aligns with the company's strong market position and financial health. According to InvestingPro data, EPAM boasts a market capitalization of $13.38 billion, reflecting its significant presence in the digital transformation and product engineering space.
The company's financial stability is evident from an InvestingPro Tip, which notes that EPAM "holds more cash than debt on its balance sheet." This strong financial position likely enables the company to invest in innovative projects like StatGPT 2.0, furthering its technological leadership.
Despite a slight revenue decline of 2.68% in the last twelve months, EPAM maintains a healthy gross profit margin of 30.45%. This suggests the company's ability to manage costs effectively while investing in cutting-edge technologies like AI-enabled solutions.
An interesting InvestingPro Tip reveals that "10 analysts have revised their earnings upwards for the upcoming period," indicating positive sentiment about EPAM's future performance. This optimism may be partly attributed to projects like StatGPT 2.0, which showcase EPAM's capabilities in AI and data analytics.
For investors seeking more comprehensive insights, InvestingPro offers 12 additional tips for EPAM Systems, providing a deeper understanding of the company's financial health and market position.
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