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Sep 30

Benefits of an LMS: Why It Is Important for Your Business

Reading Time: 3 mins

Modern LMSs are characterized by a convenient and flexible interface, extensive functionality and allow you to bring distance learning to a new level. LMS allows you to organize the learning process “from scratch” and monitor the success of students through the creation of online courses or virtual classes, available anytime and anywhere in the world where there is the Internet. All training materials are stored in one place and can be easily adapted and revised depending on the training objectives and the scope of the company or organization.

 

Choose an off-the-shelf LMS or create your own?

Is there an LMS that most fully and accurately meets your requirements? There are only two ways to find out. First: research developer websites, reviews, reports, user recommendations. The second: try it out in practice. Many developers, like Redwerk, provide access to a demo version: this way, you can evaluate the functionality of custom LMS development without risking anything.

However, if you are looking wider than others and your goals are too ambitious for existing systems, it is much more interesting and promising to create your own, well-designed system.

Knowledge management systems are being used more frequently by for-profit companies to train thousands of employees worldwide. There are several advantages to this:

 

Training

These are courses, events, general tests, competency tests and surveys. Evaluating the results of an employee without human supervision is still controversial, but this tool works. Both the general knowledge snapshot and the assessment of each employee’s weaknesses are available in real time to both the platform administrator and the trainee’s supervisor.

 

Involvement and motivation of staff

These are ratings, awards, gamification, gift shop (or privilege club). The LMS implements all the main modern trends in working with personnel and actively uses gamification opportunities in business.

 

Knowledge base and information

This is a corporate mobile portal where the client creates a knowledge base, a video library, and posts company news. Documents, instructions, informational or motivational videos, presentations – everything that HR-specialist, PR-specialist or top-managers need to show to employees are instantly available to the whole company both on the computer and on the smartphone online and offline.

 

Communication

This is my feed, comments, chats and feedback. Of course, there is no one hundred percent guarantee that employees have understood the information posted in the system correctly, but it is impossible to ignore the platform’s messages. Messages do not end up in spam, and the notification and reminder system is customizable for the client.

 

Progress monitoring and analytics

This is the manager’s mobile office, KPIs, dashboards and administrator reports.

The manager has a mobile cabinet where he tracks team results and training progress and where it is easy to assign rewards for achievement or apply sanctions in the form of warnings. The platform also automatically monitors the achievement of business targets and KPIs entered by the client into the system, which also offloads the manager’s calendar. The software tracks attendance, grades, material mastery, etc. Some platforms have their own report builders that allow you to create unique forms.

 

Reduced training costs

For example, MW-light company, using LMS, has reduced training costs per employee by 20 times.

 

Free access to information

Materials are available to all users wherever they are located.

 

Unlimited Cloud Storage

Any number of courses, videos can be uploaded to the LMS.

 

Exchange of experience

Possibility to communicate between users, exchange information and provide feedback to administrators. The system allows you to choose the format of communication: chats, blogs, forums, conferences.

 

Full certification

Ability to organize not only distance learning but also testing and attestation of employees.

 

Easy maintenance

Modern systems can be administered by a single employee who has no special technical training.

 

Project economics

Before you decide whether your business should invest in the purchase or development of its own LMS, or choose the most appropriate software solution for training, you need to consider an important point

How much are you willing to spend and how much are users willing to spend. Will the implementation of an LMS pay for itself? Existing LMSs have different payment models and pricing plans (charging only for active users, for example). At the same time, according to research, the cost to users of LMS is on average 59% more than pre-planned. So, approach this question carefully.

 

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

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