Did you know that approximately 83 percent of organizations currently use a learning management system?
The global market for learning management systems is expected to reach a value of $23.21 billion by 2023. But with the advancement of technology, there are constant questions about whether the learning management system is dead.
According to recent research, the majority of respondents (73 percent) reported that their use of a learning management system has increased in the past two years, suggesting that learning management system use is growing rather than stagnating.
So, what exactly is a learning management system? And why do I need it?
What is a learning management system? Basics:
A learning management system is a software application that provides a framework that handles all aspects of the learning process – it’s where you track your training content. Although it is most commonly called a Learning Management System, other names that may be used are a training management system, a learning activity management system, or even a learning experience platform (LXP).
A learning content management system (LCMS) is also sometimes confused with a learning management system. LCMS is software used to create and manage learning content.
A Learning Management System is designed to make life easier for those in charge of training and development – for example, identifying and assessing individual and organizational learning goals, tracking progress toward meeting those goals, and collecting and presenting data to monitor the learning process.
In addition to delivering content, a learning management system can also handle things like onboarding, compliance, and skills gap analysis.
The connection between the systems allows for easier communication, so an administrator can log in just once, manage content and collaboration, and then seamlessly move training modules into the learning management system because everything resides on the same platform.
Why use a learning management system? Advantages:
If you’re wondering what a learning management system is and why you should get one LMS, let us discuss the advantages:
Cost savings: Training and education through a learning management system reduces employee travel, optimizes training and utilization expenses, and minimizes equipment and instructor costs. In terms of cost savings, the learning management system is a no-brainer.
Training Consistency: Training and course delivery through a learning management system is consistent because it is centralized. Delivers consistent quality training and learning to all employees by providing a single source of content, course materials, and guidance.
Easily track student progress and performance: Learning management systems allow companies to quickly generate training reports at the overall or user/student level. By utilizing a learning management system for eLearning courses and/or online training, trainers can easily track goal progress, knowledge gained, return on investment, and more.
Maintain legal compliance: Many industries may be required to train, assess and report for compliance purposes. Oil and gas, pharmaceuticals, communications, and construction are just a few of these industries. A learning management system can help you meet these legal and regulatory requirements.
In general, learning management systems have many more options than listed. However, these are the most popular selling points and the main identifiers of whether you and your organization can benefit from a learning management system.
Is the learning management system dead? Not. With the current skills shortage crisis affecting several industries, the Millennial’s desire for continuous learning opportunities, and the lack of leadership skills in companies, the learning management system has a solid foundation for many years to come. For example, choosing the right learning management system for your business can lead to better employee retention, increased productivity, lower training costs, and better compliance. Coding Brains can help you build the right kind of Learning Management system for your company and help you grow at a much faster pace. To know more about this, please contact us at Coding Brains.
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