More businesses are using learning management systems and other technology to improve the way they work. Despite the growing popularity of these kinds of tools, some are slow to join the digital crowd.
In the U.K., nearly one-third of business leaders felt that their companies were slow to adopt new tech. A 2017 Senior Managers Study conducted by TomTom Telematics questioned 400 senior managers with at least five employees. A surprising 31% stated that their organizations were “not quick” to implement technology. In fact, 32% still used traditional paper to store business data while 53% relied on basic spreadsheets.
TomTom Telematics’ Director UK and Ireland Beverly Wise explained that “Slow or late tech adopters risk falling behind the curve and, as a consequence, potentially damaging their competitiveness.” She went on to say that “Effective long-term digital strategies and the integration of technologies into core business activities can hold the key to simplified processes, helping improve operational efficiency, productivity, and sustained levels of growth.”
Many companies are turning to ed tech to streamline their training programs and avoid falling behind. Why does your business need an LMS?
- Information is More Accessible to Everyone
Information is important for any organization. The quicker you can retrieve data, the quicker you can complete tasks or make important decisions. Modern LMS platforms are designed to centralize information. This can include training progress, completions, activity logs, and user profiles. Storing everything in a digital format makes it searchable, which will reduce the time spent retrieving information whether you’re looking for daily, weekly, monthly, annual, or all-time data.
- Easily Monitor Compliance to Avoid Fines & Penalties
Many industries are regulated and require specific training to operate legally. If even one employee fails to remain compliant, it could mean expensive fines and penalties for the company. Many LMS platforms include built-in compliance measures. The system can distribute courses needed for compliance and record completion. Many also include scheduling tools that will send a notification when it’s time to re-test to keep certificates up to date.
- Today’s Platforms are Personalized for Trainers & Trainees
There is a strong focus on personalizing the experience for everyone who uses an LMS. It starts with custom branding that matches the company’s other properties. Many platforms extend this further to individual learners. Course recommendations based on job role, training history, and interest can motivate employees to further their knowledge. Dashboards and profiles are also customizable so that the business has control over what information is displayed to different groups of users. This leads to higher engagement and greater efficiency, which is good for any organization.
- Distribute the Most Relevant & Recent Content Instantly
Long ago, employees would go through their initial training. If the material were updated, then a lot of effort would have to be expended preparing and distributing content in the form of training videos, manuals, or in-person classes.
LMS platforms make it possible to distribute the most recent material digitally within the system. Learners can log in and immediately begin working through the new content without gathering in a room for a video or shuffling their schedules around to go to an off-site training class. The sooner employees get the most relevant information, the better equipped they will be to do their job well.
- Introduce More Learning Tools for A Better Experience
Today’s LMS products are well-rounded. Many innovative developers have discovered new and better ways to present training material. For example, virtual simulations put trainees in the moment and allow them to prove their knowledge and skill without putting real people or resources at risk. Interactive videos provide better engagement and help learners understand the material quicker. Other tools like whiteboards, forums, and VR technology give trainers more options.
- New Techniques Improve Knowledge Retention
Many developers pay attention to what researchers and experts say about how the human brain works. They work this into their ed tech in the form of innovative features like microlearning. These are intended to help the trainee learn quicker and improve knowledge retention. The result is a well-trained workforce that’s ready to join your team sooner.
- You Can Monetize Your Training Material
You can sell your training material and generate more revenue. Choosing an LMS that includes ecommerce tools is a great investment for businesses who want to share their knowledge or expertise. Many include additional features like the ability to bundle courses together or offer subscriptions. Use your training material in-house and sell it online to maximize the return on your investment.
- Simpler Reporting That’s More Accurate & Secure
Human error can cost your business money. LMS platforms include reporting tools that automatically record data. This reduces the amount of human interaction needed and, in turn, lowers the risk of human error. Features like reporting also work much faster than traditional data entry. You can instantly access any information you need with a few clicks.
- Increase Productivity & Profit Across All Departments
An LMS will streamline your training program, allowing employees to spend less time learning and more time earning. According to an analysis of 2,500 firms conducted by the American Society for Training and Development (ASTD), companies that invest more in training have a 24% higher profit margin than those who spend less. ASTD also found that comprehensive training resulted in 218% higher income per employee compared to businesses with less comprehensive training.
- LMS Solutions Are More Cost Effective
Online learning tends to be more cost effective compared to traditional methods. There used to be more logistics behind managing a single training class. Most companies would have to bring new hires together in one place. This resulted in travel and accommodation expenses as well as training room rentals and meal costs.
And during this time, employees were not earning anything for the company. More trainers had to be paid, and material had to be printed, which added to the expense. Instead, organizations can offer equal or better training courses online through an LMS. No travel or printing is required, and, in many cases, more learners can be managed by fewer trainers. Refresher courses can be provided without taking employees away from their jobs for days at a time.
Finding the Right LMS for You
There are many LMS platforms available. The key is finding a product that fits within your budget and offers the core features you need. Start searching now so that you can enjoy the many time and money saving benefits of using ed tech in your training program.