Industry Insights

Are Business Simulations Right for You?

Posted by Slavina Pancheva on Jul 20, 2020 2:02:00 PM

Experiential learning is all the buzz, and a prime example of this impactful methodology is the business simulation. Spanning from simple games that take just a few hours to complete, to complex, true-to-market simulations that can be used throughout a learning journey, business simulations can be a fantastic tool in your Learning & Development (L&D) toolbox. In what sorts of cases might a business simulation be the right option for your training program?

Are business simulations right for your learning and development training programs

Use business simulations if you want to build hard and soft skills simultaneously

Business simulations challenge participants to lead a simulated company to success. Depending on the simulation, they must take key leadership decisions in areas such as strategy, operations, commercial, innovation and finance, in order to face off competition and create profitable growth. The simulation is thus an ideal tool to not only learn but also practice business acumen and strategy skills.

More than that however, the simulation environment challenges participants to work together in cross-functional teams in a time-pressured, dynamic environment. It is thus an ideal platform to concurrently develop and practice their leadership, resilience, critical thinking and collaboration skills. Observation and coaching from simulation facilitators help “close the loop” to fully anchor both hard and soft skills.

Use business simulations if you want to engage

A great business simulation will create a learning impact like no other. Instead of listening to a lecture, or studying a case, participants are fully immersed in a competitive, lively and time-pressured game environment that is certain to engage even the most reluctant of learners. The old adage is true: we learn more when we are having fun.

Use business simulations if you want learning to stick

One of the biggest challenges L&D professionals face is making sure that participants properly retain program learnings so that they can apply these back on the job. Business simulations, however, are a particularly memorable learning tool. The reason for this is that the challenging, competitive environment creates an emotional experience for participants, and we retain learnings linked to an emotional experience far better than standard classroom lectures (which, for the most part, we expect to be unemotional)!

Where can I try a business simulation?

With StratX ExL, you are in good hands when it comes to business simulations: we’ve been running simulation-based seminars to boost competencies within large organizations for over 35 years. Our experiential learning programs can be run entirely online or can combine a blend of online and residential modules.  

Get in touch today and we will be happy to guide you through a business simulation experience. Beware, you may get emotional!

Contact Us

Topics: Learning & Development, Experiential Learning

More Insights

Are Business Simulations Right for You?

Experiential learning is all the buzz, and a prime example of...

Learn More

Biopharma Trends for 2020 and Beyond

Let’s start by saying that nobody could have predicted just...

Learn More

How to Create Engaging Learning Experiences Online: Key Learnings from Our Webinar

If you were unable to attend our webinar in May on How to...

Learn More

4 Biotech Success Stories to Inspire Your Team

The Biotech world is booming. Scientists around the world are...

Learn More

Why Now is The Time to Use Blue Ocean Strategy

The COVID-19 crisis has deeply shaken organizations around the...

Learn More

Experiential Learning: Everything You Need To Know

The following blog serves as a guide on everything you need to...

Learn More