Traditional eLearning, video-based training, and facilitated learning are valuable tools in the market that provide the “what things are.” However, business simulations are now playing a critical role in talent development. They provide learners with the hands-on experience of “how things actually work.”
Let’s take business acumen training and the concept of “revenue” as an example. Advantexe offers an asynchronous learning program called the Foundations of Business Acumen. The program combines short video lessons that introduce the topics and an interactive simulation that allows learners to “try
them” in real-world settings.
The eLearning portion utilizes animated videos to define how revenue is derived. “Revenue is created by multiplying the number of units sold with the price.” This is great. Yes, revenue is units sold multiplied by price, but what is driving the generation of that revenue? How is revenue actually created? As an individual contributor, manager, or leader in a company, what could you be doing to impact that revenue? How can learners do their job more effectively in support of more and higher quality revenue?
Understanding the “how,” and not just the “what,” is something everyone in an organization should be exposed to during training so that they can make better decisions back on the job. With simulation-centric learning, participants learn by doing in a risk-free environment. Using the previous revenue example, in simulation-centric learning:
Learners set a price for a product
- Learn about the relationships between the cost of the product and whether or not the product is making money
- Understand the reason why customers may or may not buy that product at that price
- Strengthen the ability to visually see how market share is created
- Develop a marketing budget to help build awareness for the product
- Structure a sales team to work with customers and prospects
- Invest in R&D to drive innovation and improve product quality
- Set up a customer service system to support client questions
- Manage production facilities and supply chain to ensure products are manufactured
The future of every business depends on the skills of its employees. Despite the changes in corporate training, learners are not receiving access to quality and immersive learning needed to drive future success and value. In addition to watching a video or having a facilitator walk through a concept, simulations require critical systemic thinking and action that is memorable and transferable back to the job.
Simulations build experience through experience and can be delivered in a compressed and manageable timeframe, perfect for the unique needs of today’s learners.
