Unfortunately for many large global companies, there are still many misconceptions about Business 
Simulations that are used for leadership assessments and during talent development learning solutions. Some of these misconceptions include:
- “They take too long for participants to complete.”
- “They are too complicated.”
- “They cost too much.”
- “Customizing them will require a lot of time from my Subject Matter Experts.”
- “If I use a vendor to develop a simulation, that will make me look worthless.”
Of course, none of these misconceptions are true, but interestingly enough I’ve heard these numerous times during the past few months while meeting Talent Development professionals at conferences and networking events.
To help educate, and provide insights to people unfamiliar with simulations used for assessments and development, I’ve written this blog post to let you know that today’s business simulations are smaller, focused, and more applicable than ever.
Micro-Simulations can be completed in 5 Minutes (or less)
As we all know, the day of the 5-day simulation workshop went the way of paying late fees to Blockbuster. In a world where learners are only dedicating less than an hour a week to development, focused simulations are very powerful and impactful. For example, a non-financial manager can learn about income statements, balance sheets, and metrics of performance in 5-minute increments through simulations that enable learning-by-doing.
Simulations are easy to understand
Back in the 1980s when simulations were first coming of age, they were complex. There were hundreds of decisions and the authors – usually some college professor – felt that the more complicated, the better. Today, because of cloud-based technologies, simulations can be simple and easy to use.
Simulations can fit every budget
Prices can range from $10 for a business acumen micro-simulation to $1,000,000 for a ground-up customized simulation that emulates a company or market. A strong simulation market place will offer customer the opportunity to buy online and compete a simulation-centric learning experience quickly, efficiently, and at costs that are extremely economical.
Customization can be conducted quickly and painlessly
With the advent of simulation platforms, it’s now possible to take an existing industry business simulation and customize it quickly, without the need for endless hours of subject matter experts. For example, a major pharmaceutical company was looking for a one-day simulation experience, but they wanted to make sure it included their three biggest therapeutic areas. Instead of interviewing and wasting the time of very important internal experts, it was possible to take an already-built pharma simulation and modify the base conditions with data from 3rd party vendors within a few days.
Simulations will make you look like a hero
Participants love simulations not because they are fun and cool, but because they work and build the skills needed to make the best possible business decisions back on the job. Higher program survey scores are just the beginning as participants share the success of the learning journey with their managers and others.
