Thursday, September 29

What Business Simulations Can Do For Your Company

The business world has never been more competitive than it is in the 21st Century and this is in part down to the rise of the internet. The internet has allowed for the sharing of company information in a manner never seen before and the relative strengths and weaknesses of any company are obvious to all.

As a result, every firm is trying to gain an advantage over their competitors in any way it can, and often one of the most productive ways of doing this is by providing additional tools and training to your staff. Business simulations offer one such solution as they provide interactive learning experiences that require the actual use of what they learned in training.

Often this new concept is not well understood so here we are going to take a look at what business solutions can do for your company.

Accelerate Performance

Essentially what you are trying to do when using business simulations is drive learning by experiential training. In plain English, this means learning by doing and it is something that we are all familiar with from a young age but perhaps have not encountered in the business world.

If you can see the consequences of any action during a simulation then you are much more likely to take on board the information you have learned and will not make the same mistakes again, instead you will try out new techniques until you find the optimal solution. By using this simulation you will have saved yourself hours of real-life trial and error work thereby accelerating your performance and that of your business. 

Help to Build Real-life Skills 

The more you take part in business simulations the better your critical thinking will become, according to several studies, and this, in turn, will help to develop better managers for your business. How does this work though? Well, whilst undergoing a simulation, experts from advise that you will be learning to understand cause and effect which will help you to make better real-life decisions.

Your brain will be learning and developing all the time helping you to avoid the same pitfalls time and time again. It doesn’t even matter what the content of the simulation was because the very act of taking part means that you are learning and you will be better placed to use this knowledge in the real world.

Foster Collaboration and Teamwork

When you work on your own you have nobody to bounce ideas off which means that you are not working as efficiently as possible. What business simulations can do is force colleagues to collaborate together, listening to each other’s points of view, and working until they find the best solution.

Not only will this drive productivity but each employee can learn new ways of doing things from their colleagues, which can provide helpful insights for the future. By pairing colleagues from different departments to undertake a simulation you take them both outside of their comfort zone and force them to share ideas that can only help your business in the long run, as teamwork and productivity will be enhanced. 

Employees will Become More Engaged

Learning without using a business simulation can often be boring as it may involve reading dozens of texts or watching many podcasts or videos that can go in one ear and out the other. However, with a simulation, your employees are totally engrossed in the subject and hence their engagement levels will go through the roof. Interactive learning is not only more fun, but your employees are likely to concentrate more, ensuring that knowledge is retained and can be directed towards real-life situations.

This is an experience that is difficult to gain elsewhere and is extremely valuable to you as a company as it is a direct and efficient way of learning that does not use up additional unnecessary resources. Studies have shown that employees actually find these simulations fun and look forward to the next one, which is a great sign that they are engaged and being productive in the workplace.

As we have discovered business simulations can be a great tool to increase learning and drive positivity in your company. They allow employees to simulate real-life situations and then learn from the results which help to increase knowledge and experience of the real world. Mistakes can be learned easily and new skills can quickly be learned.

Furthermore, undertaking simulations can foster teamwork and collaboration as your employees will begin to learn from one another, especially if they are in different departments, and this in turn drives up their engagement and hence their overall value to the company. So, introduce business simulations to your firm today and watch your employees grow as a result, before your very eyes. 

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