Stevens Trio Wins Cordis Competition with Novel Product Pricing Software Prototype
Three Stevens students recently won $2,000 for a new pricing mobile application that instantly prices products based on competitive pricing strategies and platforms.
Computer science major Vania Nettleford ’15 and biomedical engineering majors Ruchika Sharma ’14 and Jen Trinh ’13 developed the iOS pricing platform software solution for Cordis Corporation as part of the organization’s 2013 University Case Competition.
Cordis Corporation, part of the Johnson & Johnson family of companies, is a worldwide leader in thedevelopment and manufacture of interventional vascular technology. Through the company's innovation, research and development, Cordis partners with interventional cardiologists worldwide to treat millions of patients who suffer from vascular disease.
The company’s case study competition asked teams of three to five undergraduate college students to apply their knowledge of information technology, computer engineering, sales, analytics, business management and other areas to a real Cordis business challenge: the need to streamline current product pricing and contracting processes. Participating teams developed an application prototype and presented their solution to company management.
The winning entry by the Stevens team, the Strategic Pricing Aide (SPA), is a simple and intuitive mobile app designed to improve and accelerate the process of generating product price quotes and contracts for customers. The ability to have a timely response to pricing and contract requests can greatly improve a sales rep’s ability to succeed in a competitive bidding situation.
“I was personally blown away by the application developed by the Stevens students, as well as their presentation to management,” said Cordis Senior Analyst Lisa Danwalder, who coordinated the competition. “They demonstrated tremendous understanding of our devices and our business. And their presentation was extremely polished and well-done.”
Cordis, which is in the process of further evaluating the tool internally, may even develop an application based on the Stevens model.
“When we roll it out we will want the Stevens students to come back and take a peek at what we put together based on their idea,” Danwalder said.
In addition to winning the $2,000 prize, Stevens students gained other immeasurable benefits from participating in the competition. It gave them the opportunity to: 1.) develop their analytical and modeling skills; 2.) gain real world experience in sales, commercial operations, information technology and finance; 3.) get an insider’s perspective on the healthcare industry; and 4.) network with Cordis and Johnson & Johnson professionals.
“We are so pleased that a Stevens team won the competition and had the opportunity to learn more about Cordis and Johnson & Johnson,” said Lynn Insley, Director of Career Development at Stevens. “This was a very challenging and rewarding experience for our students.”