Learning from our mistakes is an important part of life. Without error, we wouldn’t have the experience to know how to avoid and deal with challenges, nor would we know how to go about creating best practice.
However, at work we often expect employees to go in and hit the nail on the head the first time. After all, in business a slight slip can have serious ramifications.
Luckily, companies are starting to realise that practice truly does make perfect and this must be done in a controlled situation.
Business simulation is emerging as an important training technique for firms to ensure future success, strengthening the knowledge of a workforce and giving them real-life experience without the ramifications.
So just what is business simulation and how can it benefit you?
Business simulation explained
Not unlike those used for the army or disaster response teams, business simulations are computer-based programs that virtually mimic the corporate world. For example, StratX simulations mirror a company and users must tackle business challenges while competing in teams.
In some simulations, managers can analyse company and market data to make decisions. Software even includes business variables and will assess how successful the strategy the user opted for would be.
The benefits of simulation
There are multiple benefits of simulation, beyond simply giving staff a safe environment in which to practice often risky strategy execution. In a white paper BTS has outlined several important consequences of this training.
Confidence - Businesses simulations help to build up the skills and understanding of workers, getting them to a point where they have the faith to enact them in the real world. This can also help to improve motivation when in the real world.
Better business - If people are already well-versed in a particular area when they come to do it on the job, logic dictates this will yield significant business improvements and results.
Awareness of others - Seeing the bigger picture is important for any company and business simulations allow firms to build scenarios in which the decisions made by one team impact directly on another. This makes for “an engaging and competitive environment”, according to BTS.
Best practice examples - Simulations give users access to interactive best practice examples to cultivate better leadership, project management and sales capabilities.
Hands on - Theory is all well and good but when it comes to using it in the real world it can be intimidating. By backing up learning with a hands on experience, the understanding of users is improved and staff can visualise how things really work.
Efficient and cost effective - Web-based training is always swift and easy to deploy, while costs remain low and part of a one off payment. The sessions are also portable, meaning you can use them at a training facility like Wyboston Lakes as part of a development day.
Communicating goals - For any firm to succeed it needs to have its staff working towards the same goal and business simulation allows a company to communicate these to employees. Engage maps can be used to create opportunities for users to understand reasons for organisation change and get to grips with its implications.
“Through jointly developed pre-designed formats, these maps assist participants in transitioning to the organisation’s new environment and allow them to try out new behaviours,” BTS explained.