As this e-learning Industry article points out, it can often be difficult convincing budgeting officers to spend money on training upgrades. Software packages like an enterprise Learning Management System (LMS) can be costly to purchase, license, and implement, and with budgets still tight in the wake of 2020's economic disruptions, this can be a tough sell.
However, a good LMS can easily pay for itself - and often quite quickly. Online learning systems are time-tested and proven to work well, while providing numerous long-term benefits. If your operation is still training employees and partners using paper manuals or in-person seminars, you could see real returns on an LMS investment, and keep enjoying them for years to come.
LMS Software Cuts Costs And Improves Service
Let's start with the big one right up front: in-person learning is expensive, especially if you're having to fly trainers around the country or around the world. The occasional in-person conference or seminar may be a good idea, but on the whole, there's no reason to pay for costly training sessions when there are better options.
An LMS allows you to host huge amounts of material online, which can be studied at each employee's own pace. It's a one-and-done solution. Make the videos and other training materials, then they can be accessed over and over as needed. This includes testing and certification, and any good LMS will have the capability to track workers' individual successes. You can even create guided curriculum aimed specifically at workers on certain career tracks, serving up the classes they need to advance.
On top of the cost savings, these training modules can even be monetized. For example, paid certification courses, or opening them up for customers/clients to expand their own knowledge base. With an LMS, your training can actually go from an expense to a profit-driven venture.
There's also the matter of worker satisfaction and morale, which is particularly important if you're working with third-party partners such as sales vendors. Most workers - especially salespeople - hate being dragged away from their jobs for extended training sessions. Moving your training online means that they can work training into their own schedules, which is vastly more convenient. It also helps ensure they're spending more time selling your products!
In turn, this also makes life better for the end users and customers as well. Standardized training implemented across your entire ecosystem means your buyers get a more consistent customer experience. Since CX is quickly becoming one of the most important differentiators when it comes to gaining customers and improving their loyalty, this adds to the value of LMS systems.
Plus, universal standardized training also improves compliance issues, in industries which are tightly regulated. You can make sure that your entire workforce is truly on the same page when it comes to legal issues, backed up by proof that they've completed the relevant training.
In short, an investment into LMS really is worthwhile. The up-front costs will be quickly mitigated by long-term savings and monetization opportunities that last for years.
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