What a Learning Management System Is
Before we answer why you need a learning management system, let’s cover what an LMS is. A learning management system is a software platform that helps create, distribute, and manage eLearning materials.
Paper materials and in-person instruction have been replaced with LMS software. Finances Online reports 40% of Fortune 500 companies use an LMS extensively to remain competitive.
The question to ask yourself is, why do you need an LMS?
Training and Development
Training and development of employees is an integral part of a business’s success, and a learning management system can offer a streamlined solution. LearnWorlds reports nine out of ten companies used eLearning for employee learning and development.
Companies not only need to onboard incoming employees but further educate current employees. Certifications are becoming more common and often require yearly renewals. The introduction of an LMS can help extra spending on classes and instructor fees.
Utilizing an LMS eliminates the need for stacks of employee training manuals and other educational materials. A 2018 report from Training Industry shows organizations across all industries spent an average of $1,046 per employee.
In an age where spending is closely monitored, investing in a learning management system saves thousands in the long run. An LMS keeps content securely on an online platform. Therefore, making it accessible for everyone and eliminating the need to track physical papers.
Easy to Update and Engage Users
Updating physical copies of learning materials can be a tedious, time-consuming task. Moreover, an LMS allows administrators to quickly update training materials and make them available at the click of a button. Another drawback of paper courses and materials is the lack of engagement.
Firstly, typical training materials cover what is required and offer nothing to engage the reader. Learning management systems allow course creators to use aspects such as gamification and other methods to keep learners engaged in the material.
Tracking Employee and Student Progress
Tracking the progress of employees or students is a must to stay on top of where improvement needs to be made. In today’s technologically advanced age, businesses and educational institutions must have an organized structure for tracking progress.
The usage of traditional paper course materials not only requires more work in terms of tracking and reporting but is overall not as efficient as an online learning platform.
An LMS can Increase Your ROI
All the above topics mentioned culminate into increasing your overall return on investment. Proper training and re-certification reduce the amount and frequency of employee error. According to Cornerstone on Demand, high-performing employees can deliver four times the productivity of average employees.
Utilizing a well-designed learning management system improves the quality of performance of employees and students by increasing productivity while reducing costs spent on materials and other resources.
Leveraging an LMS Long Term
The rise of learning management systems will only grow in the coming years. Fortune reports the LMS market will grow to be $38.10 billion by 2027. While it may be tempting to stick with the old-fashioned paper training manual, the options presented to you with an online learning platform are nearly impossible to match.
Selecting an LMS and learning the functionality may take some time but in the long run, it can prove to be a streamlined solution to managing employees, students, and other learning capacities.