What Is an LMS? And What Can It Do?
An LMS (Learning Management System) is a software application to help organizations manage learning effectively and improve employee performance. More specifically, it:
- Enables training managers to administer, track and report training
- Manages ALL training initiatives – classroom, online, blended and performance support
- Serves as a repository of training material
Your Investment in LMS and Training
Before you look at your own investment into the LMS and what it entails, here are some interesting statistics on LMS adoption and uses.
- For the past 19 years, small businesses have increased their use of e-learning by 900%, making online learning the new normal.
- By the end of 2020, 98% of small businesses were planning to use LMS to fulfil their learning requirements.
The trends speak for themselves. If you are using an LMS and eLearning, you are clearly onto something good!
But let’s face it. Your LMS cost you a lot of money (a commercial LMS easily costs about a million dollars). To customize it for your business needs, you probably spent an additional $20,000 – $25,000.
When it comes to training content, the development of eLearning courses can vary between $10,000 – $25,000 for 1 hour of eLearning, so your training costs only go up as you develop new courses. Of course, with eLearning, although the initial investment looks huge, you know that it is just a matter of time before the ROI kicks in – PROVIDED, there is wide engagement with the learning content and that it delivers results.
But when you consider all that an LMS helps you do and the enterprise-wide learning it enables, all of this is totally worth the investment.
What is an LMS?
An LMS is a software application to help organizations manage learning effectively and improve employee performance. It helps administer, track and report training, manages ALL training initiatives – classroom, online, blended and performance support, and serves as a repository of training material.
However, the question is – how do you maximize your ROI on LMS? Read on…