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Let’s Talk about Why Organizations Need a Learning Management System

Learning Management System

Statistically, approximately 83% of organizations currently use learning management solutions. The global LMS market is touted to reach $23.21 billion by the end of 2023. However, with the way technology is evolving now, there are questions popping up about whether the LMS is dead, or their significance is grounded.

According to recent research made by the ATD, most respondents (73%) said their use of a learning management system has increased in the last two years. This shows that the use of such training systems is growing and not just stagnant.

So, first up, let’s discuss what is a learning management system anyway? And why do I need one?

The basics of the Learning Management System

Learning management system software applications is a comprehensive framework that handles employee learning and progression. Such solutions can offer an all-in-one approach to employee productivity and progression tracking and provide knowledge base materials.

Modern-day LMS systems make life easy for the department heads responsible for training and employee development. It helps to identify and assess employees, track their progress, and collect and present data for further processing.

Benefits of Learning Management System for Your Organization

  • Training Consistency

    An LMS ensures consistency in the training programs since it offers a centralized approach to a learning database. As a result, it can deliver consistent quality training to all employees to ensure uniformity in the entire department or process.

  • Cost-saving

    One very important aspect of learning management software is cost-saving. For example, having a dedicated team of quality analysts and trainers for refresher courses is expensive. However, on the flip side, an LMS, either standalone or integrated, can save both one-time and recurring costs.

  • Compliance with Regulatory Norms

    Most industries need training and employee learning to meet the state compliance laws. These industries include pharmaceuticals, oil and gas, construction, and communications. Learning management software can help businesses meet such compliance norms to avoid any legal consequences.

  • Performance and Progress Tracking

    This is among the foremost advantages of integrating an LMS for your organization. Monitoring employee progress is imperative to track their growth and the effectiveness of the overall process. Tracking employee goals can also help identify knowledge gains and their direct impact on the ROI of the business.

Finishing Up

While this is a very simplified piece of information, there are various examples that can show you the ways to figure out the ROI from a learning management system. Such calculations can include reduced administrative costs, lower travel and facility costs, a faster proficiency timeline, less financial risks connected with compliance, and decreased employee turnover, to name a few.

With the current gaps in skills crisis affecting a number of industries, most employees want a continuous educational opportunity and answers to the lack of leadership skills within organizations. This is exactly the issue an LMS looks to target.

Choosing the right learning management system for your business can result in better employee retention, increased productivity, lowered training costs, and better compliance. So why wait? Get in touch with Omind Technologies to get a free demo of a tried-and-tested integrated LMS through an all-inclusive WFM software.

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