Nomis Solutions today announced Robert L. Phillips, Ph.D., the founder of Nomis has been awarded The Institute for Operations Research and Management Sciences (INFORMS®)’s Impact Prize. The INFORMS Impact Prize is a lifetime achievement award in the field of Operations Research. It is awarded once every two years and is intended to recognize contributions that have had a broad impact on the field. Dr. Phillips was awarded the prize along with seven others, “for their pivotal role in the creation and wide-spread adoption of revenue management,” according to a statement from INFORMS.
Dr. Phillips was a pioneer in bringing value-based pricing to airlines, banking, and other industries. He has been instrumental in making sure that the sophisticated mathematical techniques used in pricing and optimization methodology can be accessible to both students and business executives. Phillips is the author of “Pricing and Revenue Optimization,” a textbook on revenue management and pricing optimization tactics. His upcoming book, “Pricing for Consumer Lending” is expected early next year.
“We are moving towards an environment where the customer expects to receive products and services offers that are relevant, in real-time and in context,” said Frank Rohde, President and CEO of Nomis Solutions, the software company Dr. Phillips founded that employs his research along with big data, advanced modeling and deep analytics to help large and medium-sized retail banks better understand their customers. “In a competitive environment like this, an organization’s ability to leverage modeling and predictive analytics to help understand, evaluate, and test pricing scenarios is invaluable,” said Rohde in regard to the vital nature of Dr. Phillips’ work.
Using market data and customer data, organizations, including banks, can leverage underlying price sensitivity modeling to project customer behaviors and the resulting impact of a given price strategy on the organization’s goals. With key pricing data refreshed regularly and models calibrated continuously based on portfolio results, businesses can have the assurance of up-to-date projections of customer behavior to support pricing decisions based on timely market information.
The Impact Award is not a research award. Instead of judging the quality of a body of work, the awards committee placed emphasis on evaluating the breadth of the impact of an idea or body of research.
The Impact Award was presented at the INFORMS Annual Meeting in Nashville, TN, November 13-16, 2016.
With nearly 12,000 members from across the globe, INFORMS is the leading international association for professionals in operations research and analytics. More information about INFORMS is available at http://www.informs.org or @informs.