5 Tips for Retaining Frustrated Key TalentRead More >
As a Talent Development professional, one of the most rewarding aspects of delivering high-quality, impactful learning solutions to our clients is to hear executives discuss the impact the learning has on their bottom-line and other key business metrics.
For the past five days, the Advantexe team has been deploying a Business Acumen learning journey for the top 140 leaders of a technology company going through a significant business transformation. Like many businesses today, this company is wrestling with the strategic dilemma of balancing delivering on a value proposition to existing customers with legacy products and services while at the same time investing in and develop new digital technologies that change the playing field.
As many Talent Development professionals migrate toward new and disruptive technologies such as artificial intelligence and virtual reality, there is a legacy technology available in our learning ecosystem that still has tremendous relevance. The technology I’m referring to is called the Monte Carlo business simulation approach and this excellent tool can be used to develop specific and isolated skills in the area of business acumen better than many other learning platforms including subscriptions to meaningless eLearning libraries that are dull and linear.
Redefining the Monte Carlo Simulation Approach for 2018 and Beyond
The Monte Carlo simulation approach is used to conduct “what-if” analyses to understand the probabilities of different outcomes in a process that cannot easily be predicted due to the introduction of random variables, scenarios, and events. The approach can be used to identify the impact of uncertainty and probability in specific business situations.
In times of rapid and disruptive change such as we are living through in 2018 and beyond, many progressive business leaders are exploring ways of reinventing their legacy businesses so they don’t miss out on opportunities to grow, sustain, and in some cases, survive. To some business leaders, “reinvention” means a radical and disruptive evolution, and to others it means a pivot to a new value proposition and possibly a new set of customers. In my Business Acumen workshops, I often cite two different and unique examples of companies that have done both; the Kelley Blue Book, and Lego.
A Best Practice for 2018
“One of the biggest problems in my company right now is that too many of our core employees simply don’t understand how business works let alone how our business works. Forget all of the forecasts about disruptive technologies and artificial intelligence; how about basic business skills?”
--- Chief Learning Officer, Fortune 500 Company
This quote came from a conversation on the day after Christmas with a long-time client who was expressing his frustrations with the current business environment and his perception of the state of talent in his and other organizations. As I shared during our dialogue, I don’t think he’s alone. Based on many similar formal and informal conversations, I feel that many organizations are struggling with the same issue and they become accentuated at the start of every new year when leaders start to put together their plans for the coming year. Below are some observations about the challenges ahead in 2018 and some easy actions that can be taken to solve the challenges.