Cost Or Competitive Advantage: What To Look For When Choosing An LMS

Written by

Amid the COVID-19 pandemic, organizations keep up with the operative costs of maintaining employees on-site are painful and expensive. With more than 200 vaccine candidates under development, we are uncertain to even have a successful vaccine in the coming few months, with many in clinical trials.

The COVID-19 outbreak started in January 2020, and yet we don’t have a remedy to this pandemic. Employees and organizations feel safe at home, making work from home mandatory in most parts of the world. And without a substantial vaccine or remedy to fight against COVID-19, this will be an ongoing norm. With a remote work environment comes small training, making the LMS an essential aspect for most organizations.

In this blog, let’s dive in to look at some actionable insights that will help leverage the Learning Management Systems and turn it into an advantage rather than a business cost.

Business cost

As very few companies return to work grappled by the uncertain future, it’s shocking to see how the industries and their revenue generation capacity has toppled. The auto industry is the worst hit worldwide, and its sales are predicted to drop by 20 to 30 percent in 2020, with an estimated profit fall by $100 billion.

Unfortunately, the restaurant industry, banks, education, and most other sectors are badly hit due to the workforce’s unavailability or customers.

Before the pandemic, learnings were not always aligned to the business’s objectives, forcing learning or development to take a back seat for business considerations.

In large organizations, fragmented solutions and lack of a central repository make it difficult for businesses to align learning with business objectives. And when learning is fragmented, the effort cannot be measured on its outcome. Thus, resulting in an inefficient learning environment.

Learning processes that are unappealing, tedious, lengthy, and irrelevant are a discouragement to the employees and only enhance the ‘cost for no real use’ argument. The learnings are neither used in practice by the employees, and the top decision-makers never appreciate the outcomes.

In large organizations, the LMS is not ready to support content in multiple languages, time zones, or work contexts. But that’s precisely how your LMS should work for your business to operate.

Most of the time, LMS is an afterthought and never used along with on-the-job training or collaborative efforts, or any business imperatives for that matter, thus annulling the strategy.

When the L&D and the HR teams are asked to suggest e-learning platforms or solutions, they are mostly inclined towards the platform features rather than focussing on the business imperatives that will help drive the organization and generate revenue. And this behavioral existence needs an immediate change.

Investing in LMS should be focused on your employee’s learning and development, rather than just adding a business solution. When your LMS offers learning opportunities to your employees, it results in higher engagement, satisfaction, and retention. And all of these increases your organizational performance.

While there are many benefits of using LMS in your organization, one of the essential gifts you get is a competitive advantage.

Competitive advantage

For businesses, competitive advantage is defined with variables that matter the most to the body. Suppose you are a business owner in the services industry that considers competitiveness based on increased customer satisfaction. In that case, you make sure that your employees are well-trained, informed, and groomed with the help of training platforms to deliver results effectively and communicate with your clients satisfactorily. And the factors to competitiveness differ from industry to industry. However, for any organization, a higher level of customer satisfaction is one of the most critical competitiveness factors that help drive revenue.

It’s a no brainer that competitive businesses need LMS to drive performance. But how do you achieve the targets by just implementing learning solutions?

You strategize the Learning & Development cycle and flow.

Implementing another learning platform is not the solution; instead, focusing on streamlining and integrating the learning ecosystem with focus and measurement makes the difference. This helps the employees to learn things that are important and can be aligned to the business objectives, thus enabling organizations to calculate the Return on Investment (RoI) and Value of Investment (VoI).

Micro-learning can be provided to the employees when they need it, instead of just providing them monotonous and universal content that becomes irrelevant and boring.

LMS provides, tracks, and reports appropriate learnings and suggests and recommends knowledge, which may be spotted as a skill gap, compliance requirement, or a natural progression for individual employees.

Conclusion

No business owner can ever go against the saying, ‘If you can’t measure it, you can’t manage it.’

And it’s more accurate in the case of businesses that are not focused on employee development, both professionally and mentally, or are hesitant to implement LMS.

When businesses align their learning strategies to the business objectives, they increase their competitive advantage and become more profitable, thus taking their brand, employees, and customers to greater heights.

Share via
Copy link
Powered by Social Snap