WHAT IS A BUSINESS SIMULATION?
A business simulation is a powerful tool for organizational learning and development. It provides an effective platform upon which you can align your people on strategy, improve their business acumen and business finance skills, and ultimately improve your bottom line. Business simulations vary in length, size, and topics covered – with simulations covering everything from business finance, to change management, to supply chain management.
What does a business simulation involve?
- Experiential learning. We believe that people learn by doing. A business simulation is an interactive recreation of the workplace, where participants work in teams and learn from their mistakes, make adjustments, and actually test out the “new knowledge” by putting it to use.
- Interaction and Engagement. Professionals work together to evaluate new information, and then make decisions, plan strategies, and take action. They get instant feedback and see the consequences of their actions first-hand.
- A Range of Perspectives. Professionals from differing roles and departments work together , each bringing a different point of view to the simulation and learning even more by taking on a role outside of their comfort zone.
- Real-world Results. Effective business simulations build on the business drivers that are relevant to your organization. “The win” in a business simulation comes from a series of decisions that consider all aspects of the operation: finance, marketing, production, and more. With this birds-eye view of the business, and the experience of making decisions, your professionals are better prepared to drive success in the workplace.
- Quick Learnings. The experiential aspect of business simulations enables quick learning that sticks. The experience itself is carried with them to the next round of the simulation, and ultimately back to the job. This is how business simulations can fit years of learning into one day or less.
Learn more about our different Business Simulations
Want to hear more?
Get in touch and we’ll be glad to talk about how our business simulations can help your organization.