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!
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.
Mobile technology is being used and applied in every business sector and the use of mobile devices is on an all-time rise. It has become necessary for the organizations to ensure that the applications and systems are compatible with the mobile devices. There are several techniques followed for this purpose and mobile-first is one such approach. Mobile first is a design approach in which the website or an application is designed for the mobile platforms first. It may then be scaled up for desktop and other larger devices.
Learning Management System (LMS) is defined as a software application used to plan, implement, track, report, assess and deliver a particular learning process. There are several learning management systems that are available in the market. The business units need to enhance and provide the mobile-based learning for their employees and stakeholders. These learning systems are also high on demand in the educational institutions. A “mobile first” design approach should be followed for such LMSs and there are a set of key considerations to be incorporated.
Mobile devices do not refer to the Smartphones only. There are numerous other mobile devices, such as tablets, Personal Digital Assistants (PDAs) etc. that must be considered while designing the Learning Management Solutions using mobile-first approach.
The design of the learning management system needs to be responsive to attain maximum user satisfaction. It will allow the system to have excellent performance on a wide range of devices and make the activities associated with maintenance and development easier.
Performance v/s Content
There is a limited screen space on the mobile devices that take away the freedom to put additional content on the screen, unlike desktop applications. The designers must ensure that only the salient information is present on the screens of the LMS. The designer must keep a balance between the content and the performance of the system layout, navigation, scrolling, and usability.
Acceptance & Change Management
The demand of the market and customers is to access the websites and applications on the mobile platforms. The business units must accept this change and make sure that they fulfill the user demands and expectations accordingly. A majority of the users prefer m-learning instead of desktop-based learning systems. It is essential to understand the difference in the design principles and methodologies between the two platforms.
There may be scenarios wherein the users may switch between the mobile devices while accessing the same LMS. These devices may vary in terms of screen size and resolution. The LMSs’ backend must be capable of adapting to such transitions without any adverse impact on the performance and network connectivity. For instance, an employee may access a particular LMS on an Android-based tablet provided by the organization. The same employee may choose to access the system on the personal iPhone after office hours.
Integration with Latest Technologies
Learning Management Systems need to use data in unified and cohesive manner. There are Big Data applications developed for better organization and management of the data sets. LMS developed with mobile-first approach should have the ability to be integrated with external tools and applications, such as Big Data and Business Intelligence tools. Security is also one of the prime areas of concern for the mobile-based applications. There are security tools, such as anti-malware tools, intrusion detection tools, and anti-denial tools etc. developed for enhancement of security. LMS needs to be capable of being integrated with such tools and applications.
Mobile applications and websites have succeeded in gaining a lot of popularity among the users. The learning management systems developed by the business units and educational institutes must also consider and abide by the shift in the user expectations. There are many differences between the desktop based applications and the ones designed for mobile platforms. These considerations in terms of screen size, layout, design principles, set of priorities, integration, compatibility (with other tools) and security features must reflect in the final design. There are certain system qualities provided with a higher priority in LMSs designed with a mobile-first approach. These qualities include application performance, usability, security, availability, and reliability.
Learning Management System or LMS has been a powerful tool used in the Human Resource (HR) and Learning & Development (L&D) departments since decades. This digital system that administers, documents, tracks, and reports activity of each employee grew phenomenally with over ten-billion-dollar of industry spends. Although such learning management content system plays a vital role in updating the employees, the system is touted to be the downfall. The question is whether LMS is really fading into obscurity or is there more than meets the eye.
Where Does the Problem Lie?
LMS is a total desktop solution that offers not just e-learning solution, but even manage enrollments, instructor-led training, offer classroom resources and keep track of individual performances as per compliances. After the digital boom, LMS systems stayed their course and the rest of the world evolved around them. The underlying problem was that the system got rigid while the learning ecosystem changed completely.
Need to Rehash
With every changing trend, Learning Management System will have to adapt and modify to ensure that it doesn’t go out of the window. The lack of integration and less degree of customization options has until now hampered the growth of LMS market. The idea is to consider the dramatic changes that have occurred and create an innovative, future-proof LMS.
How to Update?
LMS should be no more limited to a desktop and should be provided on multiple devices for better accessibility. This includes seamless learning via a smartphone, laptop, and tablet in addition to the desktop. The option to provide a mobile learning experience with short, manageable lessons will increase engagement. Another idea to proactively change is adding a customized system that offers a personal touch with respect to the learner’s need. Gamification of the entire content also helps in providing a better learning experience for the learners.
There are a lot of data generated via LMS that should be used to devise better strategies by the L&D department. The design of LMS should not be daunting and should have a user-friendly UI that motivates them to learn more. A well-planned design enhanced an automatic workflow is a perfect way to improve productivity, efficiency, and engage the employees to get involved. Adding some lucrative tools that are ancillary to the cause of LMS can add some weight to its worth. Also, as per its name, learning content management system should not just focus on providing learning experience but also offer all-around learning management.
How Will Learning Management System Benefit From This Change?
With cloud-based LMS’s on the rise and change in various tools that rehash the system completely, the growth of the LMS market is evident. The many advantages that it will offer are easy use, cost-efficiency, accessibility, flexibility, multi-platform support, and personalization for a successful L&D strategy.
The Future is Bright
According to a new research by Zion Market Research, LMS market is growing at a steady rate and is valued at around USD 5.19 billion in 2016 with the scope of reaching USD 19.05 billion in 2022 with a CAGR of almost 24%. The major factor for such a prediction is the requirement of information and high-quality education to stay in the market. Learning Management System that evolves with time and offers cost-effective learning in an efficient way can do very well.
With growing trend, everything is replaced or changed and Learning Management System is no different. But continuous evolution and significant changes that will connect and engage all types of users is a definite way of keeping the employees sharp. We offer such powerful e-learning tools that will enhance the scope of your company and provide an incredible way to educate your staff.