A LMS is a software application used to support learning in an organization. An LMS can be used to:
- Manage the curriculum
- Deliver, organize and sell educational offerings
- Track the progress of participants
- Manage evaluations of participants
The benefits of a learning management system
Before weighing up whether a LMS is necessary for your organization it is worth looking at the benefits of eLearning and using a LMS.
The benefits of LMS include:
- Cuts down costs and saves time: An LMS can streamline the process of employee training by handling small but important tasks such as assigning courses and tracking progression.
- Centralizes course management: The software can store all training materials in a central location which is easy to access and update.
- Improves course retention rates: The right LMS can improve the onboarding process to give new hires a better sense of the company culture and help keep engaged with the training on offer.
- Flexible learning: Cloudbased and mobile platforms allow users to access content and review materials as and when it’s convenient for them.
- Keeps training up-to-date: The software can track progression, notifying the administrator when an employee needs to renew a certificate or if they need additional training.
How to measure eLearning ROI
Measuring the LMS return on investment (ROI) is a necessary first step that can help determine why you should invest in eLearning and which LMS system would work for your organization. To calculate your ROI measure these areas:
- The cost of the LMS: The price you pay will depend on the type of LMS you opt for. Some self-hosted systems are free. For others you will need to consider whether you prefer paying a one-off fee or monthly fee on top of additional maintenance and support costs. Cloud-based LMSs usually have a one-time fee with additional per user or per use fees.
- Money saved: The money you save could be from having a reduced IT infrastructure, reduced travel and accommodation costs and lower training expenses like hiring an instructor.
- Intangible benefits: Some benefits cannot be measured as part of the ROI as easily but can still be important. These can include: increased productivity, simplified administrative procedures and improved training methods.
How to choose an LMS?
With so many options on offer finding the right LMS for your business can prove difficult. If your need to increase your non-dues revenue, you can look for an association LMS with ecommerce features to boost your learning income or add custom pricing and reporting options. If you want to improve the organization of your educational programs, LMS’s allow for combined online and in person learning, they can track progress, assign credits and reward accomplishments.