E-learning in Australia is growing at a steadfast rate, and more likely to be the next big destination after United States. According to The Sydney Morning Herald, the e-learning market is expected to be valued at $5 billion by the end of 2015. This shows the reach of e-learning in Australia and the increasing preferences towards it.
But, not just going by its trend, if we really analyze, can e-learning help organisations to achieve its business goals? Is it worth investing our time and money on it? Let’s take a look at some of the goals and see how e-learning can contribute.
Increased productivity and sales volume
This is probably the most important goal off all, that is, to increase productivity and sales volume. This typically means increasing revenue while limiting expenses. This provides organisations with a competitive edge. Here are some statistics that state e-learning increases the productivity
- According to IBM, for every $1 that a company spends on e-learning tools and strategies, it can receive $30 worth of productivity.
- According to The Business Impact of Next-Generation e-learning, 2011, companies that utilize e-learning generate revenue that is 26% higher per employee.
- According to The Ambient Insight, 42% of leading learning companies say online learning has led to an increase in revenue and 56% say it has improved productivity.
Improved level of customer service, satisfaction and retention
If customers are confident about the ease of usage of a product, they are more likely to purchase it. Hence, customer education is imperative to gain their trust. In a study conducted by MIT Sloan, on customers’ service knowledge on 1,200 retail clients of Goldman Sachs JBWere Pty Ltd., a financial services company based in Australia, it was found that there are considerable advantages training your customers
With e-learning, it is possible for customers to be trained about the usage of the product which could help in better product acceptance and reach. This is particularly true in the IT domain where software training needs are high. According to Chief Learning Officer, major companies like Apple, Werner, Drivefleet and Franklin Templeton had taken initiatives to train their customers.
Compliance with legal and regulatory mandates
Every organisation has to follow a set of laws that govern their sector in the country in which they operate. Employees need to be trained to have a basic understanding of the rules and procedures governing their company so that they are clear about their legal compliance obligations while discharging their duty. So, you need to provide training to your employees to ensure that they know about the policies and procedures that they are obligated to follow as part of their job responsibility. The training is mandated either by law or by the organisation for mutual welfare and safety. So, it needs to reach a wide audience. You may find it cumbersome to deliver the training programs quickly and at low cost to employees who are dispersed worldwide. E-learning is a cost-effective delivery mechanism to reach large audiences. Once hosted on an LMS, they can be accessed everywhere. The courses can also be translated and localized to suit the target audience. Here are some stats that support the statement, that e-learning meets your compliance goals.
- About 98% of organisations want technology-enabled compliance training to help manage risk more successfully (Towards Maturity, 2013).
- Almost 65% of the content that is delivered through e-learning is compliance training.
Speedy deployment of new information systems and processes
With the constant changes in the market conditions, organisations need to be flexible to adapt to changing conditions. As a result, the business process is subject to change. This forced organisations to accommodate information systems that support these business process and new requirements. For this reason, e-learning can help you to communicate the rationale of change initiatives like new information systems and processes in a cost-effective way to employees. According to a survey done by Towards Maturity, 72% of the 600 companies surveyed said that learning technologies such as e-learning and mobile learning helped their business adapt more quickly to change, an increase of 11% in the last year.
E-learning for Geographic and/or industry expansion
In this era of globalization, we know how challenging it is for organisations to address the training requirements of globally dispersed workforce
In such a situation, presentation of training materials in native languages through e-learning can enable companies to address a large number of global workforce. According to Common Sense Advisory, 2011, businesses that expanded their translation budgets were 1.5 times more likely to report an increase in total revenue than their Fortune 500 peers.
Just-in-time training for global workforce
In today’s competitive word, it is essential that we have immediate access to information when required. This has specific relevance to personnel in a sales team. e-learning can be easily accessed just by a click on multiple devices like Smartphones, PCs, iPads, and so on. Moreover, e-learning is proven to increase knowledge retention by 25% to 60%.
These are some of my thoughts on how e-learning can help organisations in Australia help reach their business goals/organisation goals. Here is an article published in LinkedIn Pulse about how to get started with e-learning. You can refer to the article to know more to jumpstart implementation of e-learning in your organisation.
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