Simon Pricing Club utilized Pricefx’s software with customer nVent to create real-world pricing scenarios for its annual student pricing competition
CHICAGO, May 17, 2022--(BUSINESS WIRE)--Pricefx, a global leader in cloud-native pricing software, today announced its third year of partnership with the Simon Business School at the University of Rochester to sponsor the Simon Pricing Club Case Competition. Pricefx Next Gen is a program for students to apply real-world data and applications in pricing to further their knowledge and skills ahead of joining the workforce. Pricefx customer nVent, a global leader in innovative electrical solutions, also participated in judging and the competition, providing the case used in the educational setting.
Student teams were given a large data set, access to Pricefx’s software, and were required to optimize the data, create pricing analytics, and present real world recommendations on how to improve pricing to a panel of judges. The students received access to the Pricefx advanced analytics and AI-powered market segmentation and optimization, to strategize and build a winning a response.
The final event was held on March 25, 2022 and the judges from Pricefx, nVent and Simon Business School named the winners based on depth and quality of analysis, recommendations, visualization and presentation. Out of a field of 7 teams, the team "T-COPS" comprised of Sameer Choudhary, Tosin Ogunsola, Ajay Kumar Palani, Vardan Sharma, and Tanzim Tahmim won the competition.
Universities are a great steppingstone to prepare students for success in the workforce. This program is a critical step in this path, giving students access to real-world technologies that they will use in their careers, further fueling the economy. Programs like the Simon Pricing Club Case Competition – with academia, technology and business professionals teaming up – is a great way for the future workforce to keep up with the speed of innovations and digital transformations of today. This program provides first-hand experience to students working with current technologies, while quickly adapting and thinking critically with diverse teams.
"The recent ups and downs of our economy make the ultimate case for business and academia to partner and uplift the next generation of our workforce so they are equipped with the necessary skills and experience to tackle the future market challenges," said Gabriel Smith, Chief Evangelist of Pricefx. "Pricefx is designed to weather through market swings we’ve seen today, including supply chain issues, inflationary pressures, competitive pressure, workforce woes, and more. With a third year of this competition, it was impressive to see new approaches to the platform and I’m proud of each participating team."
"nVent was proud to participate again in this pricing competition and partner with Pricefx to support our students," said Scott Letts, director of pricing at nVent and competition judge. "It was great to be back in person with the students, where we were able to collaborate and share our experience and knowledge with them. Club students shared a fresh perspective from the next generation of pricing professionals, and we are excited to see a new era of innovators."
"The students greatly benefited from the real-world scenarios derived from the strategic pricing case based on nVent and the hands-on use of the robust analytics tools from Pricefx," said Steven Simpson, MBA Director, Marketing & Pricing, Simon Business School. "It was great to see that each group used the unique skills of the team to approach the data in a slightly different way. All the groups came up with great solutions that showed insight and imagination – all traits that will empower them in their future work."
The Simon Business School is a world-class business school located on the campus of the University of Rochester. Rooted in quantitative analysis, Simon offers a distinct advantage in today's data-driven economy. Simon offers full-time and part-time MBA and MS programs, and a new Online MS in Business Analytics for Managers. The school was also the first business school to offer specializations in Pricing within its STEM-designated MBA and MS graduate programs.
Pricefx is the global leader in SaaS pricing software, offering a comprehensive suite of solutions that are fast to implement, flexible to configure and customize, and friendly to learn and use. Based on cloud-native architecture, Pricefx delivers a complete price optimization and management platform that provides the industry’s fastest time-to-value and lowest total cost of ownership. Its innovative solution works for B2B and B2C enterprises of any size, in any industry, in any part of the world. Pricefx’s business model is entirely based on the satisfaction and loyalty of its customers. For enterprises facing pricing challenges, Pricefx is the cloud pricing optimization, management, and CPQ platform to dynamically Plan, Price, and Profit. For more information, please visit www.pricefx.com.
About Simon Business School
The Simon School of Business at the University of Rochester is a highly ranked, world-class business school located on the campus of the University of Rochester. Rooted in quantitative analysis and economics, Simon prepares its graduates for today’s real world, data-driven economy by offering a mix of analytically rigorous academics and hands-on experience within its close-knit community. The Simon School of Business’s mission is to develop business leaders who have an exceptional level of clarity about business and about themselves, and while embodying a relentless endeavor to be even better.
Simon is ranked among the world's leading business schools; in 2021 Bloomberg BusinessWeek ranked Simon in the Top 25 business Schools in the U.S., and US News and World Report ranked Simon #1 in student body diversity among the top-50 business schools in the US. Academic degree programs include full-time, executive and professional MBA programs, as well as five specialized MS programs. For more information, visit https://simon.rochester.edu/
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