According to RNR Market Research, the Global LMS Market size is expected to grow from US $9.2 Billion in 2018 to US $22.4 Billion by 2023. This indicates that in five years the LMS market size is expected to more than double in size. So the main question is why are so many companies making this switch to online training?
Short answer: Online training has huge benefits and saves your company money.
Online training, also known as e-learning, is a form of education that takes place entirely over the internet. This type of training allows for your team to receive a high standard training, ensuring that your company is ahead of the game. The training is self-paced and can be customized to fit an individual’s learning needs and schedule.
As an employer, you can continually create or purchase as many courses as your team needs. Employees can then access the training courses anytime and anywhere making the creation of development opportunities simple.
5 Benefits of Online Training
Online training introduces flexibility to a training and development program. Not all learners are able to easily attend in-person training and not all employees learn best in a classroom-style environment. Online training provides an option for learners to participate in training and development at their own pace, and at a time that works best for them.
Today, the available online courses are configured to a wide variety of devices. Online training is accessible on devices such as laptops, tablets, and smartphones, giving trainees the option of mobility instead of being stuck in a classroom.
3. Consistency and Accuracy
With online courses, organizations can be sure that each employee receives the same content, which means that everyone will walk away with the same new knowledge and information.
4. Custom Learning Paths
Different professionals have varying training needs which can be difficult and overwhelming to organize and maintain with in-person training. Online training allows organizations to create all the training they need and match and assign certain job roles to certain courses. With an LMS, custom learning paths can be automated to make this process even easier.
5. Engaging Material
Not every person learns best from in-person training. Online courses can utilize different types of content including: videos, infographics, articles, and audio. This type of training can also come in different forms including, microlearning which consolidates and delivers bite-sized information to the user. These interactive courses provide learners with active learning, which goes a long way in helping boost retention of the material learned.
On top of all these advantages of online training, there is the added factor of how cost-effective it is.
3 Ways Online Training Saves Your Company Money
Online training saves you money in various forms, but most importantly, the benefits spread to your employees, management, and customers of your business.
Reductions in travel costs
An e-learning platform renders geographical location irrelevant for training. With online training, employees can access their courses from anywhere, eliminating the need to pay for employees to physically attend training, as well as the need to pay for a professional to travel to your offices to train your employees
Reduction in lost productivity
When employees have the ability to complete their training according to their work schedule, they can still accomplish their office responsibilities meaning your company’s productivity will not be affected due to training. Also, the fact that they will not need to travel to learning centers further raises their productivity. Offering online training engages your staff, resulting in a spark that boosts their feeling of value, creating growth for the employees and in turn, for the organization.
Onboarding new employees can be time-consuming, repetitive and stressful for managers. Automated, online onboarding keeps the manager’s role in onboarding to only the most important and needed elements of the process. This saves the organization money by helping managers stay out of the unneeded elements of onboarding.
Online training takes the paperwork, Excel spreadsheets, disorganization, and stress out of training and development programs. Compliance training, annual training, or specific job training courses can be set to automatically assign and track participation. This allows managers and administrators to spend less time tracking and making sure that each employee gets the training they need. It also means that if someone asks if your organization is in compliance with certain training, you can very easily verify that you are, saving time and avoiding possible fees.
The faster your customers can understand how to use your product, the more satisfied they will be. Providing an easily accessible library of training allows customers to quickly understand your product and how to start getting value out of it. This will start their relationship with your organization off right from the very beginning.
Creates a positive relationship
Online training is an efficient way to connect and train your customers about your product. By providing customers with accurate and up to date information regarding your products and services, you create a positive relationship based on trust. This improves how your customers interact with the product or service you provide, which will go a long way in customer retention and in turn, increase and maintain high revenues.
Ready to make the switch?
Online training is now becoming a necessity for every business. Moving from in-person training to online training can save your company a great deal of money, but it can also be quite difficult to execute. Implementing a Learning Management System allows for all of your online training to be in one place, making it easy for your employees, customers, and external partners to access the training.
About Knowledge Anywhere
Knowledge Anywhere specializes in providing organizations with a variety of elearning solutions, such as their Learning Management System, Virtual Reality Training solutions, Course Creation services, as well as elearning tools such as QuickQuiz, an elearning Slack App, and SCORMify, an app that turns videos and documents into SCORM compliant courses.
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