Pricefx Applauds Winners of Pricing Competition at University of Rochester
Judges Name Winners in Simon Business School Student Pricing Competition Utilizing Pricefx’s Technology and Use Cases From Customer IRON Mountain
Pricefx, the global leader in native cloud pricing software, announced the winners of the 2020 Simon Pricing Club Case Competition at the University of Rochester. As the leading sponsor of the event, Pricefx worked with the Simon Business School and customer Iron Mountain, the leading storage and information management services company, to produce a real-world business problem for student teams to solve using Pricefx pricing software. The judges from Pricefx, Iron Mountain and Simon Business School named the winners based on depth and quality of analysis, recommendations, visualization and presentation. Out of a field of 18 teams, the team comprised of Andy Lin, Milar Liu, Kaila Tan, Yuhen Xiong and Echo Zhong won the competition.
“I was impressed by the level of engagement and depth of analysis in a short period of time using real world data and a software platform that was new to them”
“The business problem was interesting and also one of the most common pricing problems global companies face — finding a standardized pricing strategy when you have different price sensitivities in different regions,” said Varshini Jyothi, 2020 MBA candidate and President of the Pricing Club board. “Having sufficient data to understand the intricacies in each region and a tool to synthesize the data to identify clear patterns is crucial and Pricefx really made that possible by having different data synthesis options to help find the right solution.”
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“This competition was an excellent opportunity to practice and enhance my analytical skills not only in pricing analytics but also in data visualization,” said Jiangcheng Lin, a graduate student at Simon Business School who participated in the competition. “It was a good hands-on experience as we got a chance on work on software as well as see a real business problem. We learned how to use new software and used it to create data visualization. We discovered how different services could be affected by location and customer size. From this case competition, we learned new software to use and how to design the analytical work and how to set up the work division with a team.”
“We at Iron Mountain were excited about the level of interest and engagement from the Simon Pricing Club students on this competition,” said Kate Gladziszewski, Senior Manager, Pricing Strategy and Revenue Management at Iron Mountain and competition judge. “This experience gave us a chance to gain inspiration and fresh ideas from the next generation of pricing professionals and to further strengthen our relationship with Pricefx.”
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“I was impressed by the level of engagement and depth of analysis in a short period of time using real world data and a software platform that was new to them,” said Gabriel Smith, Chief Evangelist for Pricefx and competition judge. “It was refreshing to see so many different approaches, types of analysis, perspectives and recommendations come from the participating groups. The use of data science techniques, in addition to descriptive analytics and visualizations, was particularly noteworthy and ultimately led the judges to selecting the winner. We extend our thanks to Iron Mountain and the Simon Business School for allowing us to be a part of this event.”
“The case problem was a perfect mix between analytics and strategy, said Jharna Narang, MBA candidate and member of the Pricing Club board. “Teams had the opportunity to tackle business issues relating to pricing using the Pricefx software for various types of analysis. Pricefx combines the benefits of different data analytics techniques into one tool. This makes the analysis more comprehensive, consistent and easier. The interface is also very user-friendly, making it simple to understand and navigate.”
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This was the first implementation of Pricefx Next Gen, a program designed to support the real-world applications of pricing in educational settings. 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 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.
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