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Why Use Business Simulations?
The use of sophisticated simulations in business is not new. Large corporations commission bespoke simulations to model specific markets, timeframes, products or services. Business schools often use applications which focus on aspects of marketing, finance, project management and other disciplines.
But what about the practical day-to-day challenges of running a business? SMEs and larger organisations need to develop decision-making skills at three levels:
- Board – addressing priorities, objectives and strategy
- Operational – balancing the needs of finance, marketing and other disciplines
- Individual – how each person behaves, particularly under pressure.
How do we develop leadership, build effective teams and deal with the often-conflicting needs of shareholders, customers, employees and suppliers? Above all, how to decision-makers learn about the interdependence of different issues? In short, how do they see the bigger picture and avoid pitfalls?
In our simulation-based events, teams compete against each other, taking control of an under-performing company in an emerging market. Policy decisions are similar to those encountered in real life, including pricing, salaries, research & development, staffing levels, customer service, promotion, quality and training.
The natural desire to win provides a powerful motivation to contribute to the team effort, identifying and eliminating any “unknown unknowns” by sharing knowledge and experience. Teams that make the most mistakes may not win but are often the game’s most enthusiastic advocates!
