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Business Simulations: Learning through virtual reality

Student centered experiential learning is the core of any business management education. Simulated teaching methods link theory with practice and develop individuals ready to face the corporate world. Use of simulations help build the confidence of the participants leading to understand the real business problems through the virtual reality resulting in reinforcement of the desired behavior by the mentor. The critical thinking skills of the students enhance as they encounter the problems and solve them in teams.

Simulations are best technology enabled learning tools which help participants look at the real world problems where they can make mistakes, learn from them and apply the learning before facing the real world. A well-designed simulation can be self-empowering, enjoyable experience leading to the application of knowledge providing real perception of the situation. They can be customized accordingly to meet the requirements of any business management course. Most of the simulations are user friendly and web based keeping the participants engaged.

This technique engages students to work in teams providing a dynamic learning environment which leads to creation of layer of knowledge and finally retention of what one has learnt. It leads to experimentation and failure and then again learning from failures. One can learn, track and optimize the learning environment with this technology based technique.

Simulations use real-world situations and enhance student learning. This leads to holistic thinking, development of managerial and social skills through proactive decision making. The students get feedback which is critical to build competencies. They get into the role of marketing managers, strategists, sales executives, human resource, finance, supply chain specialists, and entrepreneurs in real organizations through this virtual tool. Use of simulation fills the space that exists between the knowledge of graduating students and the actual skills required in most business situations. They make learning fun while keeping the teams engaged imbibing knowledge and getting ready to take the challenges of the real corporate world.


Strategy in Global Supply Chain and Logistics Management - Master Class

IMT Dubai organized an exclusive Masterclass and Info Session on the Strategy in Global Logistics and Supply Chains. This event was conducted on Saturday 9th December 2017 From 5:30 to 8:00 PM, Four Points by Sheraton, Sheikh Zayed Road, which provided insight into the added value of Supply Chain & Logistics Management. Dr. Santanu Roy Ph.D. from Indian Institute of Technology (IIT) Kharagpur enlightened the students on the Nuances and Challenges of Demand Planning and Forecasting which was further complimented by Dr. Veronica PhD from Jonkoping University, Sweden who led the session on Sustainability & Technology. We received an overwhelming response from the audience and the sessions were very well received.


How to become a successful Supply Chain leader?

Earlier, a supply chain leader was a tactical position because it included one with specific expertise on things such as warehousing equipment, shipping routes, and fuel costs. Today, the profile of a supply chain leader is immensely different. Supply chain leaders are strategic leaders and are focusing on the overall growth of the company, not just their part in it.

The need for smart, strategic supply chain leaders is crucial as organizations now are spending a large amount of money on their supply chain processes. Whether it’s gathering business intelligence to help make better decisions, or building relationships with suppliers and stakeholders, supply chain leaders require a new set of skills above and beyond logistical knowledge.

Thinking beyond the supply chain:

Today’s supply chain leaders need to have business skills in order to drive results and accelerate revenue for their respective companies. This requires a more strategic approach, and a more strategic mindset. Some characteristics of a successful supply chain leader include:

Business Acumen: Supply chain leaders are no longer relegated to their specific expertise; they are now a critical part of the overall business. The involvement is complete right from speaking to the CEO in terms of ROI, or discussing cash flow with accounting, these professionals must see beyond the supply chain and see the business as a whole.

Global orientation: All senior business executives today need to be globally capable. Global sourcing and global supply chains have expanded tremendously in recent years, for both retailers and manufacturers. There are few companies that do not either source globally, sell globally, or have competitors that do so. Therefore, supply chain executives must manage, like never before, an enterprise that extends across continents and must deal effectively with suppliers and customers worldwide.

Leadership: Supply chain leaders are no longer hidden in the background; they hold prominent positions in companies. They must not only lead their team to create an effective and efficient supply chain, but they must also be able to collaborate with other departments and external stakeholders to drive cost savings and revenue generation.

Information Technology and Automation Knowledge: Supply chain is all about people using technology as a tool. Nothing is more important than working on your people skills if you want to be a successful supply chain leader

The Skill of Flexibility: The one thing you won’t find on this list of supply chain leaders’ “must have” skills is innovation. You don’t have to be an innovator to be a good supply chain leader, but you do have to support and drive innovation. Flexibility is the skill that will help you to do that.

 

Demand for the most talented supply chain professionals will continue to rise, and hiring and retaining them will continue to tax the best organizations. It is obvious that companies must “sell the opportunity” to candidates much more adroitly.


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