Pricefx Renews Partnership with University of Rochester to Support Next-Generation of Pricing Professionals
For the second year, Simon Pricing Club relied on Pricefx’s software and customers to create real-world pricing scenarios for its annual student pricing competition
Pricefx, the global leader in native cloud pricing software, announced it partnered with the Simon Business School at the University of Rochester to sponsor the 2021 Simon Pricing Club Case Competition. This is the second implementation of Pricefx Next Gen, a program designed to support the real-world applications of pricing in educational settings. Pricefx customer nVent, a global leader in innovative electrical solutions, also participated in the competition, providing the case and participating in the judging round.
Student teams were asked to solve a real-world business problem based on a mix of AI powered segmentation and pricing optimization, strategy and analytics. Students receive access to and instruction on Pricefx’s SaaS solution for Price Optimization, Management (PO&M) and Configure-Price-Quote (CPQ) to help them build a winning response. The final event was held on April 2 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 eight teams, the team “Analysis Aces” comprised of Deepvenus Sachdeva, Fabio Sarmiento, Dayana Cevallos, Krishna Mythili Vusulumarti, and Cole Simmons won the competition.
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“This competition showed me how different aspects of pricing can have a major impact and allowed me use Pricefx software and its graphical representations to visualize the magnitude of certain pricing decisions,” said Krishna Mythili Vusulumarti, a 2021 MBA candidate at Simon Business School. “The hands-on experience of solving a real business problem and being able to use data analysis to make pricing decisions was an amazing opportunity for me. I was shocked that more companies don’t manage pricing effectively, especially since it’s one of the strongest profit drivers. I will definitely take the techniques and tools I learned in the competition to my next job.”
The global pandemic has made it challenging for students and young professionals to gain access to mentors and experienced practitioners in their chosen field. Programs that bring together academia, technology and business offer the next-generation of professionals insight to the real world skills needed to be successful. The velocity of innovation and change in business today requires students to master current technology, adapt quickly, think critically, and work in diverse teams. Universities play an important role in preparing students for success in the workforce and meeting the needs of today’s businesses. This program is focused on putting real-world technology in the hands of students in order to better prepare them for careers with businesses who are using modern, digital approaches to compete.
“The future of work is rapidly changing, it is incumbent on business and academia to work together to prepare students for success with the right technology skills to navigate the opportunities and challenges ahead,” said Gabriel Smith, Chief Evangelist for Pricefx and competition judge. “Pricefx is committed to living its values, and this partnership highlights our commitment to supporting the next-generation of pricing professionals with the latest technology. It was amazing to see a large group of students quickly embracing cutting-edge AI-powered optimization and analytics and returning excellent results, which added value to our customer nVent.”
“It was an honor to participate in this program and engage with students who are clearly passionate about learning the skills needed for a career in this industry,” said Scott Letts, Director of Pricing at nVent and competition judge. “Coming from the business world, it is important that we help train the next generation on the latest tools and strategies to support today’s business needs. I was impressed by the level of engagement from the Simon Pricing Club students and the competition shared a fresh perspective from the next generation of pricing professionals.”
“We are excited to have had Pricefx and nVent support this year’s case competition,” said Steven Simpson, MBA Director, Marketing & Pricing and advisor for the Pricing Club at Simon Business School. “Working with the technology and business sectors enables Simon Business School to stay at the forefront of current workforce trends and provide hands-on educational opportunities to students.”
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 programs, as well as MS programs. The school was also the first business school to offer specializations in Pricing within its STEM-designated MBA and MS Analytics graduate programs.