EPAM, in Collaboration with the IMF, Launch StatGPT 2.0, a GenAI Application for Global Economic Data, to SDMX Sponsor Organizations

Rhea-AI Summary

EPAM Systems announced the release of StatGPT 2.0 Platform, developed in collaboration with the International Monetary Fund (IMF) for SDMX sponsor organizations and selected national statistical organizations. The platform, built on EPAM DIAL technology, enables natural language access to global economic and financial data. StatGPT 2.0 was evaluated using eight public datasets and tested by over 100 representatives from SDMX sponsoring institutions. The platform represents an advancement in statistical data management, offering improved efficiency in data queries and user guidance.

Positive

• Platform evaluation completed successfully with over 100 representatives from key institutions
• Strategic collaboration with IMF enhances EPAM's position in financial data solutions
• Expansion of EPAM's AI product portfolio with StatGPT 2.0 launch

Negative

• None.

Insights

Tech Expert

The release of StatGPT 2.0 represents a significant technological advancement in making global economic data more accessible through AI. Built on EPAM's DIAL technology, this platform transforms how users interact with complex statistical datasets using natural language processing. The collaboration with IMF and successful testing by over 100 representatives from major statistical organizations validates its practical utility.

The platform's integration with SDMX standards and its ability to handle multiple public datasets from international agencies demonstrates robust scalability. While this launch strengthens EPAM's position in the AI solutions market, particularly in the financial sector, the immediate revenue impact may be as the platform is currently in evaluation phase with sponsor organizations.

NEWTOWN, Pa., Nov. 8, 2024 /PRNewswire/ -- EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced the release of the StatGPT 2.0 Platform, created in collaboration with the International Monetary Fund (IMF) for evaluating and testing by Statistical Data and Metadata eXchange (SDMX) sponsor organizations and selected national statistical organizations. The Platform will be shown at the 2024 IMF Statistical Forum: Measuring the Implications of AI on the Economy.

EPAM's StatGPT 1.0, was initially presented in October 2023 at the World SDMX Congress in Bahrain and then shown at numerous events, including the UNECE meeting of the Conference of European Statisticians and the various SDMX forums. EPAM created StatGPT based on EPAM DIAL and EPAM QuantHub platforms as a cornerstone of its next-generation conversational data exploration and analytics solutions.

SDMX is a set of technical standards designed to describe statistical data and metadata, normalize their exchange and improve their efficient sharing across statistical and similar organizations.^[1] It is published as ISO 17369.^[2] The SDMX initiative also receives support from the Bank for International Settlements (BIS), the European Central Bank (ECB), Eurostat (the statistical office of the European Union), the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), the United Nations Statistics Division (UNSD), and the World Bank.

The IMF is a multilateral organization that works to achieve sustainable growth and prosperity for all of its 191 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being.

The new version, StatGPT 2.0, introduces a new approach to data accessibility and user interaction in statistical data management and exchange. It is based on the EPAM DIAL technology and was built over the last six months in close collaboration with IMF experts. The Platform allows users to access and engage with the world's economic and financial data using natural language. It is more efficient than current query tools and ensures users are directed to the right data and understand how to best use it.

StatGPT 2.0's evaluation included eight publicly available datasets from international and national statistical agencies and was evaluated by more than 100 representatives from SDMX sponsoring institutions and national statistical organizations.

Jim Tebrake, Deputy Director, Statistical Department of IMF, shared: "As a user of economic and financial statistics, I am excited about the creation of the StatGPT 2.0 GenAI-powered platform, which will significantly improve the way users access the world's global economic data. The novelty in the StatGPT 2.0 Platform is its ability to seamlessly guide users to the specific data they need."

Ilya Gorelik, Vice President and Head of EPAM's Reliable AI Lab, shared: "Creating the StatGPT 2.0 Platform in collaboration with IMF's Statistical Department was an incredibly rewarding experience. I'm proud to share that we have received positive feedback from the global and the IMF testing communities."

Learn more about EPAM DIAL at https://epam-rail.com/platform.

Learn more about EPAM's advanced AI solutions and advisory capabilities, visit http://www.epam.com/services/artificial-intelligence.

About EPAM Systems

Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has used its software engineering expertise to become a leading global provider of digital engineering, cloud and AI-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious startups. We address our clients' transformation challenges by focusing EPAM Continuum's integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients' time to market and drive greater value from their innovations and digital investments.

We make GenAI real with our AI LLM orchestration, testing and engineering solutions, EPAM DIAL, EPAM EliteA^™ and EPAM AI/RUN^™, respectively.

We deliver globally but engage locally with our expert teams of consultants, architects, designers and engineers, making the future real for our clients, our partners, and our people around the world. We believe the right solutions are the ones that improve people's lives and fuel competitive advantage for our clients across diverse industries. Our thinking comes to life in the experiences, products and platforms we design and bring to market.

Added to the S&P 500 and the Forbes Global 2000 in 2021 and recognized by Glassdoor and Newsweek as a Top 100 Best Workplace, our multidisciplinary teams serve customers across six continents. We are proud to be among the top 15 companies in Information Technology Services in the Fortune 1000 and to be recognized as a leader in the IDC MarketScapes for Worldwide Experience Build Services, Worldwide Experience Design Services and Worldwide Software Engineering Services.

Learn more at www.epam.com and follow us on LinkedIn.

Forward-Looking Statements

This press release includes certain statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Such forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. Those future events and trends may relate to, among other things, the anticipated impacts or benefits of EPAM's acquisition of NEORIS, including any market expansion, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets and the broader economy, and the effect that these events may have on client demand and our revenues, operations, access to capital, and profitability. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in our most recent Annual Report on Form 10-K and the factors discussed in our Quarterly Reports on Form 10-Q, particularly under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and other filings with the Securities and Exchange Commission. Although we believe that these forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

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SOURCE EPAM Systems, Inc.

FAQ

What is EPAM's StatGPT 2.0 Platform and when was it released?

StatGPT 2.0 is a GenAI application developed by EPAM Systems in collaboration with IMF for accessing global economic data, released in November 2024. It uses natural language processing to help users access and interact with economic and financial data.

How many datasets and users were involved in testing EPAM's StatGPT 2.0?

EPAM's StatGPT 2.0 was evaluated using eight publicly available datasets and tested by more than 100 representatives from SDMX sponsoring institutions and national statistical organizations.

What is the main difference between EPAM's StatGPT 1.0 and 2.0?

StatGPT 2.0 introduces a new approach to data accessibility and user interaction in statistical data management, built on EPAM DIAL technology in collaboration with IMF experts, offering more efficient query tools and improved user guidance compared to version 1.0.