Top 6 Reasons Why Implementing LMS Is Crucial for Your Business
With the rise of technology implementation in various business processes, the LMS market is forecasted to reach USD 22.4 billion by the year 2023. This figure was estimated to be USD 9.2 billion in the year 2018. With the increasing rates as shown in these figures, it is evident that businesses leverage a multitude of benefits from implementing a Learning Management System.
The major drivers towards the increased adoption of LMS in businesses include digital learning, enterprise mobility, BYOD (Bring Your Own Device) policy, Artificial Intelligence technology implementation, Machine Learning, and so on.
What Is An LMS?
A Learning Management System is a software application that offers online training, educational content, and several crucial strategies for implementing LMS into a system. A quick example of an LMS is the SaaS (Software as a Service), which is a kind of web-based (internet-based) LMS.
SCORM (Sharable Content Object Reference Model) and LTI (Learning Tools Interoperability) are two strategies via which content is integrated into an LMS, which is included in the LMS application. Let us walk through the key benefits that drive businesses in adopting a Learning Management System.
Why Do Businesses Require An LMS Implementation
An LMS can help a business, streamline its procedures and improve the overall efficiency of the workforce. To sustain growth in businesses, it is crucial that industries employ an LMS into their processes. Let us walk through the major compelling reasons why it is necessary to implement an LMS for a positive business outcome:
1. Flexibility In Accessing Information
With LMS, employees can access information anytime, anywhere via their desktop, laptop or smartphone. Critical decisions can be made through the instant availability of data. With the advent of modern LMS platforms, centralized information can be easily accessed. The data accessed will be stored digitally, such as user profiles, training progress, and so on. This not only makes the data searchable but also reduces the time spent to retrieve the required information.
An LMS platform can cut down costs associated with training expenses. Training and onboarding generally involve hiring multiple resources. For instance, a hiring manager has to train every newly joined employee in the company software and other implications. But with an efficient LMS implemented, the training can be customized.
Additionally, providing online training can significantly reduce time and costs. Implementing a centralized location for training can avoid the need for sending employees to get trained in far off places. Since the data can be reused and accessed whenever required, it eliminates the need for excessive paper documentation.
3. Improved Productivity And Profitability
According to a recent study by ASTD (American Society For Training And Development) that was conducted on 2500 firms, the firms that invested in training had achieved a 24% higher margin than the rest. The study also found out that these firms had a 218% increased income per employee.
LMS ensures that the employees get a thorough training that can help them perform productively and efficiently. An LMS also ensures that multiple users are trained simultaneously at the same pace. When employees are productive, they become profitable as well.
An LMS can ensure the quality of the training provided to the employees via its data and analytics tracking. This includes factors such as the time duration of the training provided, how well performed is the training, and so on. The centralized training database of an LMS enhances the quality of training provided as well as significantly improves the productivity and profitability of the business.
4. Effective Employee Onboarding
Employee orientation or employee onboarding is a tedious process in many companies. When the employee onboarding process has a modern LMS platform implemented, it significantly reduces the employee churn rate. This, in turn, increases the productivity of the employees.
Third-party content can be easily deployed via an LMS platform. LMS works by enabling businesses to deliver, manage as well as track the hiring and training process of new employees. Being able to create courses, setting tests and assignments, and automating the process of onboarding are some of the major functionalities.
With an LMS onboarding ecosystem, an effective and efficient training and onboarding process are ensured.
5. Measuring ROI
According to industry analysts, the LMS market is expected to grow from today’s figure of $2.06 billion to over $7 billion by the year 2023. A Learning Management System is designed and deployed to deliver increased ROI to businesses in a multitude of ways.
The major return is in being able to replace traditional one-to-one training. This is a key cost saver. LMS is utilized as a centralized hub for housing large volumes of training as well as other content. LMS improves business outcomes by reducing travel expenses of employees sent for training externally and slashing down employee productivity losses.
An LMS calculates resources allocated and identifies existing inefficiencies in training. It also lets employees focus on the core parts of their job. This significantly reduces employee turnover as well.
6. Knowledge Retention With The LMS Centralized Hub
To drive innovation, it is crucial that the employees within an organization are intellectually capable. Technical know-how enhances the productivity of employees. Intellectual capital is thus one of the key benefits leveraged from an LMS.
LMS ensures that the information does not remain consolidated in a single location and that it is shared with all the resources. With an LMS, employee performance can be tracked easily. The employees who underperform can be provided with additional personalized training and retained.
To become an LMS expert and to identify the current inefficiencies or areas of improvement in your business, talk to our LMS strategists and experts today!
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In today’s tech-neutral age, knowledge and skills are the key sources of competitive advantage. Smart enterprises institute Learning Management Systems (LMS) to harness and organize the corpus of knowledge available within its ecosystem.
However, the success of such initiatives depends not merely on setting up a Learning Management System. Success rather depends on ensuring that the system is compatible with the enterprise requirements and scalable to match the ever-changing requirements in an extremely fluid business environment.
Learning Management Systems traces its origin in delivering eLearning courses to the workforce through the internet and company intranets, in compliance with the established eLearning standards such as AICC and SCORM standards. However, the nature and scope of LMS have evolved considerably since then. While the exact nature of the LMS may vary, depending on enterprise requirements, successful LMS of today invariably facilitates seamless integration of the physical and virtual classrooms, promotes social learning, and fills in critical gaps in learning. The best LMS are scalable, portable, promotes gamification, and makes managing talent seamless across the enterprise.
Integrated Virtual Classrooms
An effective Learning management System co-opts virtual classrooms, including “live” classrooms, to deliver the power of training and education to anyone, at any time, and any place. Today’s LMS include multimedia-rich virtual classroom content or have ready-to-use APIs, to co-opt the most popular classrooms into its fold, with just a few simple clicks.
Any good LMS offers APIs to connect with the millions of courses and lectures available in popular online portals such as the eDX, and even YouTube.
Promotion of Social Learning
An effective LMS goes beyond formal training and promotes social learning. The conventional method of imparting learning is storing content in a repository and creating access rules around it. Social learning goes a step ahead, to offer users the power to create content, and thereby exchange anecdotes and real-world experiences. The learners collaborate with each other in real time, creating an interactive and participatory learning experience, replicating the feel and experience of a physical classroom. From the enterprise perspective, such an approach furthers the creation of a sustainable pool of knowledge and makes very effective training.
Truly successful Learning Management Systems also tap into gamification, or staring up a friendly competition among learners, to increase engagement. Some of the most common gamification options to make the course more engaging include badges, leaderboards, levels and more. Another option is a small token prize for the learners who do exceptionally well.
Filling in the Gaps
A robust Learning Content Management System automates the task of curriculum management. It scours the training material, syncs with the curriculum, and fills critical gaps in knowledge or information. It also updates the existing content, removing obsolete or outdated information, and updating the content to reflect real-time information, on the basis of latest research, statistics, and other findings. Of course, the caveat is that any LMS is only as effective and relevant as the content and rules fed into it in the first place.
A Flexible Learning Approach
A Learning Management System empowers learners to structure and assemble their own learning. An effective LMS is flexible and modular to allow learners full of the required learning materials and resources to form a curriculum customized to their learning needs and suited to their learning styles.
A key element of flexibility is portability. In today’s extremely fluid business environment, where enterprises have to go where business takes them rather than wait for business o come to their office, a portable cloud-based LMS, accessible through mobile front-end apps is the way forward. For instance, offering training sessions on a tablet with the option to follow us using a desktop computer, with seamless sync between the two, helps the learning progress whenever he is free, such as when commuting to the office.
The best LMS is flexible enough to offer training content at multiple levels, and in multiple formats. Smart LMS also offers the option to support training in multiple languages, a key requirement in today’s hyper-globalized world.
Effective Administration of Training Requirements
Today’s LMS bridges the gap between the classroom and eLearning environment. It offers an effective medium to sync between the two, enabling trainees to extract the best of both worlds. It facilitates easy management of complex and dynamic resources, including training inventory, trainer and external vendors, training rooms and venues. The LMS takes over and automates the vexatious tasks such as coordinating several training programmes, planning and administering training sessions, tracking pre-training and post-training feedback, and compiling training materials. The LMS also makes effective follow up through email and push notifications, logs attendance, and more. By these processes, the platform reduces the administrative drags characteristically associated with such processes.
The best Learning Content Management System platforms are scalable, granular and flexible. A scalable platform enables starting off with a manageable base, fine-tuning the system, and growing it organically.
Starting small has its advantages, in being able to check if the implemented programmes actually benefit or meet the intended outcomes, and if the targeted recipients are indeed receptive to the initiative. Creating pilot programmes to validate the hypothesis and assumption is a fundamental time-tested practice to avoid failure. For instance, once this process is completed it would be ruinous to discover the selected platform crashes under the pressure of 10,000+ learners all over the world.
Starting small, however, should not become a limitation or a stumbling block for future growth. A good LMS platform should be capable of managing a large amount of data easily, accessibility for a large number of users to the system at the same time, and allow them to connect from all over the world without delays.
A sound and robust LMS is a key asset in today’s knowledge organizations. By facilitating the learning and training requirements, it equips the workforce to face the emerging challenges, and focus their energies on their core competence.
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Learning Management System, commonly abbreviated as LMS, is a software tool or a web-based application which is used to plan, administer, implement, assess, track, report and deliver a particular learning process. Some of the common features of LMS include document management, multiple device access, rosters, student engagement, assessment and testing, grading, registration control and course calendars. Corporate Learning Management Systems come with enhanced features, such as automated enrollment process, improved security, white labeling and multi-lingual support.
With the enhancement in technology and emergence of many latest techniques and methods, there are transformations that are being implemented in learning management systems as well. On the basis of current and upcoming technological advancements and user expectations, here is a list of four emerging trends in LMS that have been forecasted.
Cloud computing is a disruptive innovation that has brought a revolution in the technical processes and methods. The use and application of cloud computing in the area of LMS is expected to grow in the coming years. It will also provide numerous benefits to the service providers and users with a decrease in the total cost of ownership (TCO). The additional set of benefits will include improved security, increased flexibility, and adaptability with enhanced connectivity and transparency. This will be advantageous for the large-scale as well as small-scale learning organizations. Some of the companies have already implemented this approach and have released the cloud-based LMSs in the market. The top players on the list include Adobe Captivate Prime, ExpertusONE, Dokeos, Administrate, LearnUpon, Agylia, Matrix LMS and many more.
Video & Gamification Modules:
The global game-based learning market was valued at US$3.487 billion in 2017 and is expected to grow at a CAGR of 19.60% to reach a market size of US$8.532 billion by the year 2022. It is a scientific fact that visual elements and graphics have a higher impact on the learning abilities as compared to the theoretical content. The engaging power and visual appeal of the games are far better than the plain text static graphics. The use of videos and gamification modules in LMS will allow the learners to gain a better understanding of strategies, decision-making abilities, time management requirements, risk-taking etc.
The use of games in the current LMS is limited and is expected to improve in the future-learning systems. Streamed and uploaded videos will be integrated with the future LMS.
Personal Learning Environment (PLE):
There have been modifications witnessed in the PLE for LMS. The adequate use of PLE can have positive implications on the user interface of LMS. The future learning management systems must make use of PLE to allow the users to easily manipulate the interface for increased freedom with the usage of the system. The end user requirements should be fulfilled by integration with the social media platforms and blogs. Semantic search functions shall also be applied in the LMS along with the tracking of learner’s interests and knowledge gaps. User-based content generation should be added as an additional utility. Such features in the learning management systems will have a higher applicability in the corporate environment. Enhanced project-based training and learning, information sharing, conflict management etc. will be made possible as a result.
The companies have begun the process of integration of Talent Management and Learning Management Systems. The primary motive of a talent management system is to highlight the gaps in knowledge and skills of an employee while LMS works towards filling of such gaps and enhancement of the skills of the employee.
The future LMS should be designed in such a manner that it will be able to suggest new courses and learning resources specific to the learner.
The present-day learning management systems are not the same as the systems launched 10 years back. The future is also expected to witness multiple changes and transformation with a few of them covered above. The use of LMS is expanding in the field of education, healthcare, marketing, finance, engineering, pharmaceutical etc. It is required for the business organizations and units to continue their research on the methods that can be adapted for enhanced design and implementation of these systems for the increased learning of the employees and the associated resources. The use of Business Intelligence (BI) concepts should be explored by the companies in the area of LMS.