A Learning Management System (LMS) is a software application that helps companies plan, implement, and track employee training. An LMS can be used to host and deliver educational content, measure employee progress, and to ensure compliance with industry regulations. But what are the specific benefits of using an LMS for your company? Let’s take a look.
Improved Employee Engagement and Performance
An effective LMS will help your employees stay engaged in their training by providing a customized learning experience. In addition, an LMS will allow you to track employee performance and identify areas where additional training may be needed. By using an LMS to improve employee engagement and performance, you can increase operational efficiency and reduce training costs.
Greater Compliance with Industry Regulations
Industry regulations related to employee training can be complex and ever-changing. An LMS can help you stay compliant by keeping track of which employees need certain training modules and when those modules need to be completed. Not only will this save you time and money, but it will also protect your company from liability in the event of a regulatory breach.
Increased Customer Satisfaction
Customers who receive high-quality service are more likely to be satisfied with their overall experience. An LMS can help you provide high-quality service by ensuring that your employees are properly trained in all aspects of their work. It can also help you track customer feedback and identify areas where additional training may be needed.
Types of Learning Management Systems
There are different types of LMS deployment options: self-hosted, cloud-based, desktop applications, and mobile applications.
Self-hosted LMS solutions require software to be downloaded by the user and provide great creative control and customization. Cloud-based LMS solutions are hosted in the cloud and often follow a Software-as-a-Service (SaaS) business model. Desktop applications are installed on one desktop, but the application is still accessible from multiple devices. Mobile application LMSs are accessible wherever and whenever—allowing users to engage with their online learning initiatives on the go.
According to a Verified Market Research report, the LMS market was valued at $15.1 billion in 2021, and is projected to reach $76.18 billion by 2030.“[The pandemic] has forced businesses to revamp their business ways and [to focus on additional] sturdy network connections to regain client confidence. Manual surveys and feedback assortment modules of the standard learning system are obtaining superannuated and [cloud-based answers] and learning management systems are taking the charge. [Its] adoption is turning into a key driving factor of the market,” according to the report.
Three Top Learning Management Systems
Let’s take a quick look at some of the best LMS software solutions on the market right now.
If you’re looking to automate employee training and compliance, Rippling could be the ideal solution. It features over 1000+ pre-built courses and built-in quizzes to assess employees. You can also upload your own SCORM e-learning course, record certifications, and store them in a secure database. The app makes tracking progress, course completions, and overdue enrollments incredibly simple with pre-built enrollment reports so your company is always prepared for a compliance audit. Pricing starts at $8 per month, per user.
Thinkific is one of the top solutions for creating and selling digital courses or training material. Thanks to its drag-and-drop editor that allows you to customize your course content, you don’t need to be a technical wizard to create a digital product with this platform. This cloud-hosted software comes with tons of pre-built templates, so you don’t have to waste time designing new ones. The Basic Plan is $39/month, the Pro Plan is $70/month, and the Premier Plan is $399/month. For those who just want to test Thinkific’s core feature set, there’s a free plan available as well.
Absorb is one of the best LMS solutions for enterprise/mid-market customer and partner training, as well as mid-market/small business employee training. This cloud-based LMS delivers AI-powered features like “Intelligent Assist” (a feature that helps manage day-to-day admin tasks more efficiently using natural language) and “Pinpoint” (which is used to automatically transcribe and timestamp video lessons). Absorb LMS also features an online course builder and authoring tool that allows you to easily craft and publish interactive e-learning courses to the LMS, or to SCORM, xAPI, and HTML5 formats. Pricing starts at $1,250 and there are tailored pricing options to ensure that all of your company’s needs are met.
Conclusion
LMS has changed the learning perspective of individuals around the world, covering almost all the major markets, such as schools, education institutions, corporate, the medical industry, etc. If you’re looking for a way to improve your company’s bottom line, investing in an LMS is a good place to start.
