Virtual Business Simulation: Advance and test Commercial Business Skills

Virtual business simulation use is on the increase.

On-line simulation learning solutions can be a highly effective way to advance and test peoples’ commercial business skills and enterprise acumen.

A stand-out business simulation is particularly valuable if you are seeking to find or recruit talented individuals into your organisation. Likewise, such a resource can be used to engage large numbers of students working in class or remotely, with relatively small amounts of instructor intervention.

Over the past 12 months on-line resources have come to the fore as travel and the opportunity for people to gather has become far more restricted. But looking forward, this pandemic-induced change of resource use could be seen as a financial opportunity.

Virtual Business Simulation – big savings

Does your organisation really need to pay all that money for people to travel to and work in an assessment centre when resources such as a virtual business simulation allows you to test commercial business skills and related talents remotely?

Or may be you want to run an on-line event or competition. A well-made business simulation should be able to engage hundreds of people at a time, without anyone having to claim for mileage or an overnight hotel stay.

And if you are teaching a large group of business or entrepreneurship students struggling to engage with yet another Zoom lecture, could a business simulator be the answer?

Maybe.

What should you look for in a Business Simulation?

Whether you want to teach students, test commercial business skills or develop entrepreneurial ability, you should look to use a simulation that offers 3 key features.

Three key features

First You want the virtual business simulation to engage the user from the get-go and provide clear guidance (written and film format) as to how it can be used.  People who are confidently engaged in a learning, competitive or testing environment are far more likely to perform well and be able to show others what they know and can do.

Second As important as engagement is the issue of authenticity. Since you are very unlikely to ever want to test or challenge people using the Monopoly app, why then use a business simulation that doesn’t follow the normal rules of business? The key here is to search for a ‘Serious Game’ rather than a cheap or half-baked application that may ultimately only harm your own personal or organisational brand.

Third The virtual business simulation you choose needs to have key aspects of functionality. On-line access to the platform is critical because people don’t want to have to download software. The virtual business simulation should also provide a rich business environment covering all key aspects of commerce (see authenticity above) rather than a series of dressed-up financial spreadsheets. Key data should be available before and after decisions are made so users can make informed decisions rather than rely on guesswork. And finally, for monitoring and communication purposes, the simulation must make remote administration access easy so that user progress can be managed from distance.

A Virtual Business Simulation to advance Commercial Business Skills

One virtual business simulation that meets all the criteria is SimVenture Evolution.

Costing an estimated £2m to design and build, users can get up and running with Evolution quickly. The sim provides extensive guidance in written and film format and learner support scenarios allow people to play and learn. As a bonus, anyone new to business can use the explainer function to reveal terminology explanations throughout the simulation. Once comfortable with the sim, people can run multiple scenarios for up to 10 simulated years (in quarters).

Don’t be fooled by SimVenture Evolution – it is not Monopoly+. Just like the real world users have to complete customer and competitor research, target markets, pinpoint marketing budgets and ensure appropriate time, skills and money are all applied in the right places. And don’t expect to have unlimited amounts of money, time and skills. For example, if you work long hours in Evolution you will become stressed which has an impact on efficiency. Nothing it seems is left to chance.

Finally, SimVenture Evolution has a rich interface covering virtually all business disciples – with extensive supporting information too. The on-line virtual business simulation resource is accessible by individuals and groups working together, regardless of location. And of course, this level of functionality means tutors, assessors and even competition organisers can work in class or remotely.

For more information about SimVenture Evolution, visit the website and request an on-line demo. Free evaluation copies of the on-line learning solution are also available.