Wednesday, August 29, 2018

Business Simulations: High Impact and Accelerated Learning

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The way we travel, eat, communicate, and work and live has significantly evolved. Learning methodology, however, has not. The way we learn today is almost entirely how people learnt over 2 centuries ago. Since current learning methodology isn’t catering to the needs of modern learners and organizations, the skill gap is high. Therefore, organizations must invest heavily in upskilling their employees to meet business requirements.

However, research shows that it typically taking 10,000 hours or 6-10 years to master any skill. Since learners find it difficult to sustain the practice of ambiguous and complex skillsets, error margins are higher, and the cost of not mastering a skill is substantial.

Research also shows that adult learners learn best when they are actively involved in the learning process. On-the-job training has been considered the best way to achieve this learning need. However, mistakes are a part of the learning process, and mistakes made during on-the-job training impact business heavily. To mitigate these risks while allowing high impact learning to take place, we at KNOLSKAPE believe that the best way to learn is through Business Simulations.

A simulation is the imitation of a real-world experience in a safe learning environment. It allows learners to practice without impacting real world situations. Learners learn through assisted practice, real-time feedback on their actions, and personalized analytics on their performance and capability.

Simulations are significantly impactful because:
  1. Every simulation has a management framework underlying the construct, thereby effectively bridging the gap between/ theory and practice
  2. Learners are provided with a safe learning environment where they receive constant feedback on the actions they take
  3. Actions documented within the simulation culminate into real-time, personalized analytics providing actionable insights for learners, and learning trends & deep cognitive insights for L&D and business
  4. The assisted practice within the simulation helps condition learner behavior, breaking current behavior patterns in favor of new ones, and improving chances of mastering a skill
In other words, simulated learning is a fun and engaging way to develop skills, change mindsets, accelerate employability, and contribute to business growth.

Want to include simulations in your learning interventions? Visit our website for more information.
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