IndustryMasters Simulation FAQs
These are the most frequently asked questions about business simulations.
Online business simulations are complex, web-based “games” used to train employees in a constructive, risk-free, fun environment. They tend to focus on leadership development and specific skills, such as business acumen. Read more about business simulations…
Virtual business simulation training is the use of business simulations for training purposes in sessions conducted through virtual environments such as Zoom, GoTo Meeting, etc. While the global pandemic caused many training events to move to virtual formats, many large employers had already moved to online leadership development as a way to reduce travel costs.
Business acumen is the ability to understand financial concepts well enough to apply them to decision making. It’s a level of financial literacy that allows business leaders to see the big picture along with the details to more accurately predict the outcome of key decisions. Read more about business acumen…
Business acumen is important because business leaders must understand the dynamics, drivers and dependencies within their organization to make sound decisions. Improving financial literacy among a business’s leaders is critical to that organization’s success.
One of the more effective ways to teach business acumen online is to ensure learners can apply what they are learning. This is why simulations are so effective. Because they provide a safe space to “play” and test out decisions then watch the resulting outcomes, learners can increase the business acumen skills without affecting the bottom line. Read more about teaching aumen…
Effective leadership development programs must account for the wide range of learning styles among the pool of participants. Each participant’s unique demographics, including age, education, background, etc., affects how that individual will respond to various learning techniques. Experts in learning style theory know that hands-on learning is a powerful technique. This is what makes business simulations so effective and successful in transferring new knowledge.
Leadership skills are developed with business simulations because participants can experiment, witness immediate outcomes, tweak their responses and continuously test. Because business simulations mirror real-world situations, the skills developed are immediately applicable.
Complex business simulations can place thousands of users or teams in a competitive situation simultaneously. Because there is no pre-determined path to success, participants’ decisions affect the performance of others – just as in real life. IndustryMasters has successfully hosted online competitions with thousands of users at once.
Long before Covid-19, IndustryMasters was asked to fine-tune the art of delivering business simulations virtually by several large, global clients. Their goal was to reduce training costs and carbon emissions but eliminating travel. Recently, IndustryMasters was awarded the Gold Award from Learning Technologies for its work with Warwick Business School to deploy a virtual business simulation. Read more about virtual learning…
Leadership coaching within a business simulation training session includes one-on-one advice with a facilitator or coach based on the individual’s or team’s performance. In a virtual environment, this is done leveraging existing virtual meeting platforms.
Most of IndustryMasters’ business simulations place participants in teams that compete against each other. Collaboration is forced through the use of role-based sims in which each learner plays a specific function and receives exclusive access to data. As a result, many soft skills including communication, time management, empathy and other interpersonal skills are enhanced.
Business simulations from IndustryMasters are very flexible. Based on a model of algorithms that have been tried and tested over more than a decade, each simulation is then easily tailored to reflect a specific industry or company. Participants may face challenges in the simulation that mirror their business world, they may wrestle with unique decisions their industry is facing and they are often presented with KPIs that mimic their environment. Read more about custom content…
Most participants engage in a business simulation as a member of a team. IndustryMasters features role-based simulations in which each team member assumes a specific role. Each role is then provided unique access to specific data and reports. Scenarios are crafted that require each role to communicate the data they alone may access in order to reach a successful decision. This forced collaboration allows participants to gain greater insights into how cohesive teams are more effective.
At IndustryMasters, we have incorporated Virtual Managers as a means of leveraging artificial intelligence in our simulations. Virtual Managers propose a range of recommendations within their purview. Their recommendations may be limited to the data available to them, but they guide simulation participants to view situations at the micro, then macro level. Each recommendation may be accepted, rejected or modified by the participant. This allows learners to ramp up their comfort level and confidence in approaching the simulations challenges. As participants gain a better understanding of the simulation’s navigation, tasks, and requirements, they rely less on Virtual Managers and, instead, trust their own instincts and knowledge to guide them. Read more about usage of AI…
