4 Things You Should Know About Business Simulations

Over the past decade, business simulations and strategy games have been becoming more and more popular among trainers and trainees alike. In recent years, more companies are shifting towards digital training solutions and business simulations for more engaging experiences for their employees. 

But with all this hype circulating business simulations, there are many definitions thrown back and forth on what a business simulation actually is. With business simulations the definition is in the name; they are simulated environments mimicking our very own business environment in which employees or participants are given the opportunity to develop their business skills from decision making and problem-solving to strategic thinking.

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If you’re looking to dive deeper into the experience of participating in a business simulation, here are four things you should know about business simulations.

Global Interconnectedness

Consider for a minute that there was a team working on a project with participants with unique skill sets and backgrounds from all over the world. Imagine being in one space working with individuals from different higher education institutes from all over the globe.

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With online business simulations, this can be achieved effectively by bringing a diverse range of participants stretched across the globe onto one platform collaborating on a project. 

Business simulations can introduce participants to a truly authentic international competitive environment where they can learn from one another, develop their communication skills, make crucial decisions together and work harmoniously with one another.

Collaboration and Engagement

Most decisions can change when consulting someone else about the situation at hand. When employees or participants are involved in a business simulation, they aren’t making choices or decisions on their own. In fact, they are encouraged to engage with other participants.

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Some business simulations even take it a step further when it comes to effective communication and engagement by assigning key pieces of information or data to participants in specific roles. This means teams that lack strong communication and engagement with another will be at a disadvantage whereas teams that work together and collaborate will thrive.

Real Life Scenarios

When individuals are asked to participate in business simulations, they often assume that it will be a fantasy-like game or involving adventure and fiction. However, they are far from these kinds of games. They immerse participants into real-life scenarios that would typically occur in a business environment.

business simulations

Through exposure to a realistic business environment, participants are able to improve both personal and professional skills. Through engagement, collaboration, critical thinking, and effective decision-making, participants are able to become more holistic thinkers.

Risk-Free Decision Making

As mentioned in the previous point, business simulations involve realistic business environments and scenarios. It is important for employees to not only learn and improve problem-solving skills but also to understand the significant importance and interrelation of their business decisions. Business simulations teach participants that while it may seem like it is one decision it, in fact, might have a significant effect on other decisions and factors.

team in business simulations

However, the magic word is simulation. This means participants can make these major decisions for their company in a risk-free environment, taking the pressure and load off of making a mistake in the real world and suffering the consequences. With business simulations, participants can get a feel and become more confident in critical thinking and decision making

 

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Business simulations are increasing more and more every day helping organisations and their employees improve crucial skills, open doors to more interconnectedness and diversity, and giving a risk-free space for participants to explore the world of decision making and problem-solving. Many may argue that business simulations are the future of employee learning and development, however, it is the solution of today’s dynamic business world.

If you’re looking to understand more about how to improve your organisations skill-building and development through business simulations, reach out to our team at contact@atpvital.com.

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