Top 7 Reasons Every Business Needs a Learning Management System
<p>It’s time to invest in skills and knowledge! Learning management systems make education and training efficient. Get a competitive advantage today.</p>
57% of people consider education and growth to be an essential part of any workplace culture. Learning management system software can make this process efficient and accessible. Whether you need a centralized hub of knowledge or a tool to help new hires, LMS is perfect for the job.
What Is LMS Software?
A learning management system (LMS) is a type of enterprise software that facilitates any type of training and education. The majority of such tools are cloud-based, meaning they are accessible from any device through a browser; however, there are standalone solutions as well. The features of these systems include the creation and engagement with educational course materials, as well as performance assessment, ROI analysis, goals, and progress tracking.
Tools of this nature are developed with the goal of making education more customizable, accessible, and ultimately more efficient. This can be achieved via different approaches often integrated alongside each other. Among them are on-demand content (text, audio, video, etc.), gamification, collaborative learning regardless of physical location, and much more.
The logical assumption would be that it is mostly used in schools, colleges, and other educational facilities, or in the form of online content. You may be surprised how widespread such systems are in workplaces. In fact, according to Finances Online 2019 research, 40% of Fortune 500 companies use LMS, with 72% successfully gaining a competitive advantage.
Here are some examples of leading companies already using learning management system software:
- Yale – one of the most prestigious Ivy League universities in the United States.
- LG Electronics – an international electronics corporation with more than 72,000 employees.
- Sony – a multinational conglomerate providing electronics, entertainment, and financial services.
- Johnson & Johnson – one of the largest pharmaceutical, medical and consumer goods corporations.
- Adobe – a multinational organization predominantly focusing on multimedia, creativity, and digital marketing software.
- Mitsubishi Motors – one of the largest automotive manufacturers with almost 30,000 employees.
- Merck & Co. – a multinational organization that’s among the world’s largest pharmaceutical companies.
- Unilever – a huge consumer goods corporation distributing food and beverages, beauty and personal care products, and much more.
- Microsoft – a massive technology and software corporation that doesn’t need an introduction.
Learning Management System Software Benefits
Cut Expenses on Employee Training
Paying tutors and mentors for every new hire is costly whatever the organization’s size. When there is a system in place you can streamline and automate some parts of the process completely, skipping unnecessary costs. Experienced employees don’t need to go through expensive training – a quick peruse of a knowledge hub can suffice. Having it available on the cloud further eliminates costs. While LMS involves an initial cost of integration, it has all the potential to save you substantial sums of money and headaches in the long run.
Compliance With Corporate Standards
Security is always paramount, no matter what the industry is. Trade secrets and intellectual property should never leave the walls of your organization. Compliance exists to make business processes consistent across the board. This includes corporate standards and culture. It can be tough for new signees to adapt to the workflow. Having some guidelines makes this process quicker and more comprehensive. In addition, you can avoid issues with out-of-premises training. You don’t have to send members of your team out to get extra knowledge elsewhere. This is especially beneficial if training is done during their paid hours in your company. That way, self-improvement is easily integrated into the day-to-day, and the staff doesn’t need to sacrifice their productivity.
The way these systems work is flexible. What works for one learner can be extremely challenging for another. In the same way, the time it takes to fully get a grasp of a skill is different. Also, it should be noted that we live in an age where everything is personalized. Just like streaming and video-on-demand services are replacing television, custom LMS services will replace rigid courses. According to Udemy research, personalized and on-demand learning is one of the more preferable options for millennials, Gen Xers, and baby boomers alike.
Also, it aids in defining individual milestones and learning paths. It’s no secret that everybody has their own way of studying. Some prefer reading, while others prefer doing. With LMS software your employees are able to customize the education process to make it as efficient as possible. Learners can focus on specific parts of the course, building their own learning path.
Improving Skills of Remote Employees
Communication with remote employees can be challenging at the best of times. When you have to monitor the progress of their training, it's even tougher. Thankfully, LMS tools have this issue covered. The location makes no difference to the software. As a result, no matter whether your employee is remote or in-house, the features and the capabilities of the program are the same.
Easy Group Learning
Not all skills can be learned on your own. The input from mentors and peers can be invaluable, and, at times, necessary. It guides learners either from a position of expertise or even simply a different perspective. You can bounce ideas off of each other and help other members of the group to improve more quickly. LMS software can help schedule collaborative learning sessions, and facilitate online meetings to give remote employees an ability to participate as well.
Performance Assessment and ROI Analysis
Everybody loves seeing tangible and measurable results of their investments of money, time, or any other resource. Sure, any kind of self-improvement is in some way useful for an individual. However, that doesn’t mean that the acquired skills are just as beneficial in the workspace. They should help reach company goals. LMS tools are able to track the progress, effectiveness, and impact for every employee. They can provide detailed breakdowns and analyses in real time. This way, you always see the skills your employees master and how they benefit your business.
Central Hub of Knowledge
The learning process is never truly over. Hunger for new information is part of human nature, especially since we live in an information age. Sadly, it is also part of human nature to forget things. That’s why having a central hub of intellectual capital is so valuable – you always know where to look. Whether you want to learn something new or refresh some policy in your mind, it is all easy to access.
By using learning management system software, companies of all sizes can streamline the internal education process. All members of staff can benefit from a centralized knowledge hub, while training courses will help to integrate new employees more quickly. There are many LMS solutions out there, both free and premium. There is also always the option to create a custom one just for your business. Invest in your team and yourself!