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Why are business simulations the best way to learn?

10 reasons to consider when planning your next company meeting or training

Every New Year, people make promises and plans for the next 12 months. When starting a new project, employees make ambitious plans about how to handle it. When implementing a strategic initiative, leaders define specific goals for the future. But even the best plans are usually no more than 30% completed.

Imagine if you didn’t have to wait so long to see your plans accomplished, and that you could test important decisions before you make them and analyze the consequences while there’s still time to make corrections.

Business simulations are interactive learning experiences that present simplified and minimized real-life models. Through these programs we can simulate several business years in just four to five hours, experiment with different strategic scenarios, or demonstrate a business process. These learning experiences are based on mathematical models and game theory. Both actual businesses and simulations have rules, good and bad strategies, decisions, and outcomes from these decisions.

For example, one of Silega’s programs, Silega Navigator™, is an engaging experience that simulates four business years in only five hours and includes different business factors such as people, organizational structure, a market, and customers. Participants compete against other competitors to achieve sustainable growth and win market share.

Business simulations have emerged as one of the most effective ways to train new skills, change attitudes, and transform an organization. Here are some of the reasons why:

1. Business simulations are realistic and relevant

Programs are based on real business issues and cases which guarantee higher credibility with participants from all levels, from front-line workers to top management.

2. Business simulations are highly interactive and engaging

Participants can make decisions and immediately see the consequences. This approach makes them more open to admit their mistakes and less resistant to share similar behaviors from the real business environment.

 

3. You don’t have to put company resources at risk

Simulations are a safe way to experiment with different scenarios – for example, a new product launch, new marketing strategy, or organizational change initiative.

4. Business simulations are competitive and results-oriented

Just like in real life, success in a simulation depends not only on the strategy a team chooses, but also on the strategies competitors use.

5. Business simulations contain a lot of information, but teach new ways of thinking

During a simulation, important information is introduced gradually, which gives the learners ample opportunity to understand and apply it.

6. Business simulations result in higher retention

The Experiential Learning System (ELS™) on which most of Silega’s business simulations are based guarantees up to six times better retention of knowledge than conventional training. This saves both time and money, because in half a day participants can learn what usually takes up to two or three business days to learn from presentation-style training.

7. Business simulations are engaging and fun

Participants are involved the whole time and are more open to acquiring new knowledge because they enjoy the sessions.

8. Business simulations help participants to think outside box and find new ways to do things

Experiential activities boost people’s creativity and help them see things from a different perspective. Simulations include a lot of visual materials, which are easy to understand and memorize.

9. Business simulations provide immediate feedback through self-scoring

Participants walk away from the session knowing exactly how they did individually, as a team, or as an organization.

10. Business simulations are highly adaptable

Simulations can be customized for different group sizes (from five to several thousand participants) and can have different durations, from four hours to three business days. The Experiential Learning System methodology (ELS™) allows consultants to include relevant examples and simulate specific situations that participants face in their everyday lives.

If you have any further questions or would like to learn more about the power of business simulations, please contact us.