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.
In short, business simulations are gamified learning for the workplace.
What are the benefits of business simulations?
Business simulations are a hands-on, interactive learning experience that allow participants to truly engage in the material. Instead of focusing on theoretical knowledge like in a typical classroom, participants build skills, improve conceptual knowledge, and gain a big picture view of the organization all at once. There are many benefits to using business simulations in your company, including:
- Imitates Reality. Our simulations emulate the real-world factors and challenges that your organization faces. Give your people a big-picture view of operations by scaling everything down to a smaller scale.
- Risk-free environment. Your people will be able to learn from their mistakes in a safe environment and see the consequences of their actions across the whole organization – without actually affecting your organization.
- Stimulates co-operation. Working in cross-functional teams stimulates conversation and co-operation between colleagues. These conversations create peer-to-peer learning, and open up your people to better understand the different perspectives in your organization.
- Learning by doing. It is said that we remember 10% of what we read, 20% of what we hear, 70% of what we discuss with others, and 80% of personally experience. A business simulation allows your people to personally experience the consequences of all the different aspects of business.
- Engages learners. Experiential, hands-on learning engages all the senses. Participants visualize, discuss, plan, receive feedback, and practice real techniques that they will use in the workplace.
- Accelerated learning. A simulation provides a big picture view of operations, meaning that participants are able to grasp a wide range of concepts and materials in a short period of time. By relating their new learnings back to their own company, stickiness increases and the knowledge follows back to the workplace.
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