For students of the past, the educational experience involved signing up for classes in person and then going to the school’s bookstore to purchase textbooks and other supplies they would need for that semester. Those days have gone. Some of the most cutting-edge business schools worldwide have simplified their required class resources to only a laptop with all the materials pre-downloaded and ready to go.

According to the AMBA & BGA Education Technology Report, 84% of respondents want their business schools to keep using the technology implemented during the pandemic. 75% of respondents also say their business school employs a virtual classroom.

Not all business schools have developed new approaches to reshape their educational offerings and degree structures through digital technologies. Even if they promote technology in the classroom, their strategy is geared toward the wrong objective—pursuing efficiencies to help students learn more content faster and with less effort.

As the digital skills gap among students becomes more apparent, it’s evident that business school students are unprepared for the new reality of work. A survey of 1,060 students by the career platform Highered has revealed that many feel unprepared for work, with 30% citing a lack of digital skills as their top concern.

The focus for colleges should be on effectiveness rather than efficient teaching. Business schools have experimented with digital delivery and engagement platforms to develop immersive, flexible programs that people can access worldwide.

A quick and effective way of addressing the need for on-point vocational training is to use platforms such as MonsoonSIM. It’s a leading simulation platform for business teaching and learning that connects 13 business divisions to replicate almost any supply chain, trade, e-commerce, manufacturing, or service organization. This solution allows educators to create business situations based on the curriculum and use simulation and gamification to let students experience and learn, helping them be more prepared for industry 4.0.

Michigan State University is just one of the many universities in the world that utilizes MonsoonSIM. Severin Grabski, Faculty Director, MS Business Analytics, Broad College of Business at the university, was impressed with how the simulation captured and updated information in real-time, on a platform that could be tailored to the needs of each class.

The SEA market has also been adopting MonsoonSIM. Malaysia’s Universiti Teknologi Malaysia (UTM) has been using MoonsoonSIM since 2016 to help improve education, offering students a platform for immersive learning. About 2,000 students from different faculties at UTM benefit from the program, some of whom had no previous business training.

Business schools recognize that it is crucial to digitally transform systems, procedures, and program portfolios while upskilling faculty and staff. There are three common obstacles currently standing in the way of business schools’ digital transformation:

• First, faculty members lack the digital skills to redesign modules, programs, educational content, and delivery methods using digital platforms and technology.
• The second is the restricted investment in digital technology that gives students digital and hybrid forms of engagement and learning.
• Lastly, internal rigidity prevents quick and appropriate modifications at program and department levels to take advantage of digital technologies’ potential.

With MonsoonSIM, teachers set up a virtualized environment where students can launch and run their virtual businesses with the aim of profitability or market share. Working in groups, the students buy and sell goods, manage their books, decide on the selling price, replenish stock, apply supply chain and operation management techniques, and compete to be the best company in the their market.

Students can gain data literacy and knowledge of accounting, management, and supply chain topics by playing a game. Teachers can make the game more challenging by including more learning objectives.

The platform provided by MonsoonSIM allows students to learn various business concepts by running a virtual business in a competitive environment. This immersive learning experience is aided by AI-based teaching assistants and robots competing against and supporting students as they operate their virtual business. MonsoonSIM is keeping up with the future by investing in AI to enhance the teaching and learning experience. Essentially, MonsoonSIM will be using AI to provide personalized enhancements to the learning experience for each student.

Learners obtain valuable working skills to help them run their enterprises while developing their business competencies. Teams work together, try new things, create objectives, and—most importantly—learn from their mistakes.

As of November 2022, 268 organizations have used MSIM, including 1,828 facilitators, and 101,000 learners.

You can learn more about MonsoonSIM by signing up to receive the free guide and demo here.