LMS market is expected to grow from $9.2 billion in 2018 to $22.4 billion in 2023 at a CAGR of 19.6%. (Source: Research.com) More and more companies are inclining towards choosing the Learning Management System as their means of providing training to employees, customers and partners. The statistics clearly show us how different industries are adopting Learning Management System for providing training or help with onboarding process.
When we hear of training, our mind goes to the traditional mode of classroom learning but things are now changing and LMS is aiding to bring this change.
With LMS, companies can connect audiences and trainers from anywhere in the world in real time and through recorded courses. The software aids in both cohort and self-paced courses.
But what exactly is a Learning Management System and how does it work? Let us see:
What is an LMS?
An LMS or Learning Management System is used to create, manage and administer the learning resources to provide seamless training or onboarding experience.
It is divided into two parts: An admin interface and the user interface.
Admin interface is handled by the manager who handles all the backend work like maintaining and distributing the courses.
Another part of LMS is the user interface that runs into your browser. Through which the user can know what are the courses allotted to them.
What all Learning management system facilitates?
- Create: Build courses for your targeted audience.
- Distribute: You can distribute your courses to a much larger audience.
- Monitor: You can easily track the progress of your audience and guide them for better.
Businesses of all sizes, multinational to small and medium and from independent instructors to government bodies, everyone uses the Learning Management System for distributing courses and training programs. As, LMS platforms can be used for various purposes that will help employees, customers and partners to upskill.
Uses of Learning Management System
1. Train employees
Your employees can be trained easily with the LMS software. You can create courses that are engaging and cost-efficient. You can also get insights into your employees’ progress and see how they are doing on a particular course.
With the help of LMS software, you will be able to onboard your employees easily without consuming much time. You can build a unique and unforgettable experience for the employees with an engaging course and hands-on resources. For the new employees, it can be difficult to retain all the information about your company. Hence, with the software they will be given access to the information easily and at any time.
3. Retain employee knowledge
It is difficult to retain the employees with the traditional training methods. The easy availability of the internet resources also has decreased their attention span. With the interactive and visually catchy courses you will be able to draw their attention.
4. Train partners and customers
With the Learning Management system you will be able to train your partners and customers as well to give them a better understanding of your product or service. You can easily prepare courses and circulate those among your targeted prospects or partners and customers.
5. Online education
With the Learning Management System you can provide seamless online education to the students.
Along with helping in remote learning, LMS has multiple other benefits for employees, partners and customers. Many companies are leaning towards utilizing LMS for providing training to their employees, partners and customers. Let us see:
6. Save training costs
Training through LMS is much more cost-efficient than organizing events in different locations. It saves you a lot of miscellaneous costs that go into organizing any training program.
7. Update the content easily
You can easily update and change the content in your courses that is not possible with the traditional mode of learning.
8. Geographical boundaries don’t count
Training employees in different locations is no longer a problem now. You don’t have to arrange for them to come in a single room. Also, your remote employees do not have to lack any skills just because they cannot be at a particular location. With the software, you can easily provide training to audiences around globally.
9. Engage the learners
Sometimes the training is not about adding skills for the employees but sometimes it is just giving knowledge to employees as compliance or sales training. These training courses can be boring, hence with LMS you can make your training programs engaging.
10. Improve retention
Employees now search for companies that help them grow and improve. Hence, if your employees find opportunities to grow in your company’s environment, they are definitely going to retain. Providing effective programs for them is an amazing resource to reduce the churn rate of your employees.
11. Track results
With the LMS software, you can easily track your employees’ progress and see which one of your courses is working or not. It helps in analyzing the metrics to know about the user engagement.
12. Self-paced learning
With the help of LMS software, the employees will be able to learn at their own pace. The training programs can also fit into their busy work schedules.
13. Access to resources easily
With the help of the Learning management system, the participants can easily access all the resources given by your company. All the resources are available at a single place and anytime that is accessible with a single click.
Types of LMS
There are different types of Learning Management System available utilized by different industries for various purposes.
1. Cloud-based LMS
A cloud-based model is basically provided to you by a third party and is usually subscription based. The LMS provider will help you with the installation process, server maintenance and everything related to the software. A Cloud-based LMS will have different variations to it so you can select the variant that suits your requirements the most.
2. Self-hosted LMS
A self-hosted or locally employed LMS is basically sold as a licensed product. With this LMS you’ll be responsible for the backup and updating of the software. You also have to contact your vendor to update your license after every version upgrade.
3. Private cloud LMS
This LMS doesn’t share resources and codes with other businesses. Installation, updates and server is taken care of by the vendor but you will have direct access to the LMS. You can customize it and also integrate it with your current systems.
4. SaaS LMS
It means software as a service wherein the vendor will provide you with the software and look after it. You can select the pricing and model that is suitable for you.
5. Open-source LMS
This LMS requires a completely dedicated IT team that will look after the LMS for you. But you have to maintain the software completely on your own from installation to maintaining it.
The next step after installing LMS for your company is to build an academy to provide courses for your employees, partners or customers. You must curate useful resources for them and help them upskill. The resources you will provide will also work as an amazing source for inbound marketing wherein your customers will be attracted to your brand with the knowledge you provide. Learn how to build your academy: 9 ways to amplify customer engagement with your Academy – Acadle Blog
Acadle is one of the most Agile LMS providers, helping businesses to upskill their employees, partners and customers. Go to the following link to know more: Build White-labelled Academies | Customer Onboarding Platform | Employee Training Tool | Inbound Marketing Tool (acadle.com)