Business Simulations, Business Gamification, Corporate Training, and Some Tech.

BILL'S POSTS

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Behavioral Economics Demonstrates The Need for Business Strategy Gamification

First, it’s important to set a foundation by defining behavioral economics. BE studies the effects of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions and the consequences for market prices, returns, and resource allocation, although not always that narrowly, but also more generally, of the impact of different kinds of behavior, in different environments of varying experimental values. (source: Wikipedia). I have to say that this is actually a pretty easy to understand and overall nicely laid out description of such a complicated topic.

As I’ve stated before, I’m a big fan of behavioral economics. Why? Because traditional game theory is interesting, but it takes no account of human emotions. For corporate strategy planning, this is crazy. I know there are firms that do their best to apply game theory to strategic outcomes, but this is just too generic and static. Read more

Game Theory: Applicability to Corporate Strategy

I’ll get this opinion out right from the start: I don’t think Game Theory is very applicable to real world strategic planning and/or strategy testing. Like most knowledge labeling from Higher Education, this is interesting inside of a lab. Basic game theory is fun, and interesting to think about, but isn’t very usable for corporate planning. Once you get into more advanced game theory such as Nash Equiquilibrium, this becomes exceptionally useful when economics tries to predict behavior. But this is where I ‘go off the rails’ a little. I personally get frustrated with predicting human behavior. Don’t get me started on AI. Let me explain.

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Best Tech I’ve Bought In Years.. And It’s From Dell :^O

Ok, for those that know me, I’m pretty focused on Apple products. Now, to be clear here, I’m not the techno-religious type. I pick the best tool for the job. And to be completely transparent, I really have no idea what the heck Apple is up to. I feel like we’re back in the late 80’s early 90’s with this company (spreadsheet guy at the helm and very little innovation). Different topic… Let’s look at my recommendation: Read more

Making Training and Development a Strategic Imperative

In general, most CEOs want training to influence one of three outcomes: Increase revenue, decrease costs, or both. Most training managers think more along the lines of knowledge development. They want people to learn a skill in order to do their jobs better. But the CEO and the executive team want to know how the training will influence the three factors. Here lies a slight disconnect. Executives want training that teaches the business of the enterprise. This isn’t to suggest that knowledge development isn’t important. Having a direct connection between how knowledge impacts revenue growth, expense reduction, or both is critically important to the corporate strategy.

Demonstrating these impacts can be challenging. Training managers struggle with how to help training participants understand the connection between the training content and it’s impact on revenue and/or expenses. In many cases, training managers have to bridge the connection gap with general examples and a leap of knowledge faith. This is usually where leadership training often breaks down and relevancy is reduced. Read more

What Exactly Is Business Gamification (High Level)?

When most people think about gamficiation and its relation to business, they automatically think about marketing and ways to increase customer engagement. In most cases, this is certainly still the case. Most companies focus their gamification efforts on marketing and customer engagement. But there is a very rapidly growing use of gamification and it’s very reserved for the board rooms and executive level within companies.

The term ‘Business Gamification’ was made popular by a Ted Talk some time back. In most cases, when people talk about Business Gamification, they are talking about customer engagement around a brand (or some sort of marketing initiative). For example, creating some sort of game of to do with jeans for a clothing company on a web site. This usually has to do with badges, awards, points, etc. I’m not a huge fan and I feel it’s a little gimmicky but I totally understand its effective and fun. I focus on the gamification or corporate strategy which has HUGE overlap with business war games. In reality, they are the same thing. It just seems like business war games is fading and business gamification is more popular. When I focus on business gamification, I’m focusing in on strategy testing with a special emphasis on human emotional impact on market forces and strategic assumptions. I’ll do another post with more details. Read more

Business Simulations, Business Gamification, and Business War Games Defined (WARNING: Long Post)

Business Simulations, Business Gamification, Business War Games… What exactly are the differences here? This is one of the most common questions I get. Let’s get this out in the open straight away: You should be confused because in reality, they are all very similar and they all share attributes and features. Hey, for the fun of it, let’s also through Serious Games into the mix.

First, to keep things simple, it will help to understand that these are all forms of games. The biggest outlier here is Business Simulations. Business Simulations are usually a component or a tool of a game. For total simplicity, Business Gamification (the newest term on the block), Business War Games, and Serious Games are all… wait, get ready for it… GAMES!

So why the different names? This is for two primary reasons 1) Marketing- It’s a lot easier to sell hot sizzle than it is to sell old gristle. 2) There are slight ‘traditional’ differences. I’m going to go ahead and take a stab at what these are and how they’re traditionally used. NOTE: Everyone interprets these differently so before anyone crowds around with their internet pitchforks and flames, this is a generalization for simplicity purposes. If you’re a season veteran, I’m quite sure you’ll have a different opinion and there’s no need to get emotional about it :^D. With that disclaimer out of the way, let’s have a look: Read more