With a worth of around $5.2 billion, the Learning Management System or LMS is set to cross $18 billion in the coming four years!
The reason behind this surge in LMS is the fact that it offers numerous benefits to companies. A whopping 75% of organizations deploy LMS to manage their corporate training programs. A huge credit for this goes to not only the ease of delivering, tracking and reports regarding training but also due to the lower expenses involved as compared to otherwise.
All kinds of companies and organizations - no matter their complexity or scale or even the magnitude of their trainees - are benefited by LMS not just in terms of productivity, effectiveness, and accessibility but also in terms of ROI and limited expenditures.
41.7% of the Fortune 500 companies were deploying eLearning tools around two years ago as per IBIS Capital. This suggests that even the wealthy organizations make use of LMS as it is useful for a lot of things.
But how does an LMS lower corporate training costs?
An LMS significantly lowers a company’s corporate training expenses by deploying the latest technologies to provide effective and efficient learning. Firstly, LMS uses cloud technology. Which means that it is stored on a cloud that is accessible by anyone from anywhere in the world. This conveniently eliminates the need for being physically present in one place. This, in turn, reduces expenditures related to travel, accommodations, etc.
You as an organization can allow employees from various parts of the world to attend the training without any extra costs, effort, and hassles. Secondly, the Learning management system development helps you to get insights about each trainee’s progress. You can effortlessly know which of your employees is doing progress and who needs a bit more push. You can also utilize LMS to generate reports regarding various aspects of your corporate training program. This way you can also find out the loopholes, if any, and can take preventive and corrective measures for the same.
Likewise, with an LMS you can allocate valuable resources elsewhere and leave the rest to the LMS. Another advantage of an LMS is the ability to automate. When you take your training programs online, you can use automation to your advantage and reduce the total number of man-hours included. Thus saving man-hours, expenses and valuable resources and time.
Apart from the aforementioned reasons, an LMS saves the expenses incurred in physical classrooms, paper products, stationery, etc.
Deploying an LMS certainly includes initial expenses. But with the right LMS and smart strategies, you will eventually lower your corporate training costs and also increase productivity in ways more than one. This, in turn, leads to higher ROI which is definitely worth it, especially in the long run.
According to research conducted recently, major companies like Nortel and Dow Chemical saved millions after going from classroom-based conventional corporate training programs to the LMS-based online corporate training program. This is the power of cloud-based LMS and the tools it offers.
The cost-saving, time-saving and quick-learning training program can only be achieved via an LMS. however, choosing the right kind of LMS is the key. You should lookout for a customizable LMS as it further increases productivity and will prove to be more cost-saving as well as time-saving.
What kind of LMS are you currently using? Is your LMS customizable? IS your LMS scalable? Do you want more information regarding cloud-based LMS?
If you want to make the move to the right LMS, then ask our experts and talk to them regarding all your queries today!
Are you ready for huge savings in corporate training cost? If Yes! Then, Have a peek at the Learning management system development process, successfully implemented by Cryptex technologies and Boost your Workplace with quick learning abilities. Feel free and contact us today to get more information about, how an LMS can actually save industry training costs.