The popularity of the learning management system (LMS) in business is growing. There’s a good reason for the interest in eLearning. Technology enhances the learner experience by providing more ways to train. It can record data for us, make calculations, and handle much of the back-end work that used to consume hours of supervisor, administrator, or trainer time.
If you haven’t tried an LMS yet, now is the time to see what’s out there. If you already have a system in place, are you using it to its fullest potential? The following list can help shed light on why so many companies are updating their training programs to include eLearning.
• The eLearning Market is Projected to Reach $325 billion by 2025
The eLearning market continues to expand. It is projected to reach $325 billion by 2025. More money means more products and features will be introduced while others continue to improve. There’s enormous potential already. That will increase as the market continues to grow.
• eLearning Increases Knowledge Retention Rates to 25% to 60%
Efficiency is important for most businesses. According to the Research Institute of America, traditional in-person training only results in about 8% to 10% knowledge retention. That’s not very efficient from a business perspective. eLearning, on the other hand, can produce knowledge retention rates of 25% to 60%.
• Approximately 77% of Corporations in the U.S. Use eLearning
Only about 4% of U.S. corporations used online education back in 1995. Today, that number has grown to 77%. It’s no longer a “new” feature, but a necessary technology that lowers training expenses and increases skill sets and revenue.
• Trainees Can Learn on a Schedule or At Their Own Pace
Modern LMS platforms offer multiple ways to train. A guided class can be created with on-demand videos or live webinars. Learners can also be given access to the material they need and allowed to work at their own pace. This provides businesses with more options when deciding how and when to train.
• An LMS Can Cater to Any Age Group or Industry
Most LMSs offer excellent flexibility when it comes to who can use them. Intuitive interfaces and user-friendly features make it possible for younger and older generations to rely on eLearning. Some developers package their products with training to ensure that the organization gets the most out of their investment.
• 96% of Americans Own a Smartphone
According to the Pew Research Center, 96% of Americans own a mobile phone, and 81% own a smart device. Many LMS platforms offer mobile learning solutions that give employees the ability to train from anywhere. It’s a feature many millennials expect to find when considering employment. If you want to attract the best job candidates, then you need to offer the most recent technology.
• Comprehensive Training Programs Can Generate 218% More Revenue
A survey conducted by the American Society for Training and Development found that companies with comprehensive training programs earned 218% more revenue per employee compared to those that do not. They also had 24% higher profit margins. eLearning provides a low-cost solution with enormous earning potential.
• IBM Reported That It Saved $200 Million with eLearning
IBM decided to get on the eLearning bandwagon and ended up saving an impressive amount of money. The company cut its costs by $200 million. It also found that trainees learned almost five times more material without spending more on their educational resources.
• eLearning Increased Income for Approximately 42% of Organizations
In the U.S., 42% of organizations reported that implementing an eLearning program led to an increase in their income. That’s one of the biggest reasons more businesses need to consider online training and technology if they haven’t already.
• 81% of College Students Reported That eLearning Improved Their Grades
Today’s college students are the employees of tomorrow. The way they learn should be considered when building a training program. In 2016, 81% of U.S. college students reported that using digital technology to study improved their grades.
• Over 40% of Teachers Said Lack of Training Was the Biggest Barrier to Ed Tech
Technology is only going to work if people are trained to use it. A 2016 study found that 41% of U.S. teachers felt that lack of training was the biggest obstacle that prevented the use of ed tech in the classroom.
This is an even bigger issue for older teachers who were trained before the technology was available. Proper training is necessary to maximize the benefits of using eLearning.
• eLearning Courses Consume 90% Less Energy and 85% Fewer CO2 Emissions
eLearning can be just as good for the planet as it is for employees. Britain’s Open University found that developing and distributing an eLearning course consumes 90% less energy and produces 85% fewer CO2 emissions per person compared to traditional face-to-face training.
• eLearning Use in Small Businesses Has Grown by 900% Over 16 Years
Small business can see the value in eLearning. Over the past 16 years, this demographic has increased its use of educational technology by as much as 900%. Online learning isn’t just a trend. It’s now a regular part of small business training.
• There is More Pressure to Measure Learning in 2019 Compared to Previous Years
Measuring impact is essential in 2019. Businesses want to know if their investments are paying off. The pressure to improve accuracy and detail in these measurements continues to grow.
Almost 70% of learning and development teams feel pressure from leadership to provide measurements. Most LMS platforms are equipped with reporting tools that continuously record data and store it in a searchable format.
• Every $1 Invested in eLearning Tech Generates $30 in Increased Productivity
According to statistics released by IBM, one dollar invested in eLearning can generate an increase of $30 in productivity. That can add up very quickly when spending hundreds or thousands on a training program. The technology more than pays for itself.
Are You Ready for an LMS?
eLearning has moved outside of the realm of experimental and into the mainstream. Many companies have been using an LMS for years, while others are currently researching their options. The benefits are many, allowing businesses to lower costs, increase revenue, and help employees build powerful skill sets.
If you haven’t already, now is the time to implement an LMS in your organization. Check out LMS.org to read reviews and see which platforms offer the features your team needs to reach their training goals.