Corporate eLearning will increase by USD 38.09 billion by 2024 and grow by over 250% by 2026. Certainly, corporate LMS is the future of employee training programs, helping brands revisit their strategies. Not just brands, but studies highlight that, employees favor advanced use of eLearning platforms for conferences, workshops, sales and product training, recruitment training, and more.
Despite this, some business executives are churning their brains about the effectiveness of the corporate training software and how to implement it. Well, here’s a little help.
This blog talks about an LMS, how it can serve you, and the best implementation method. Without much ado, let’s get started.
- The corporate LMS market size is expected to increase with the increasing adoption rate among global organizations.
- Major factors driving this growth are the growing acceptability of digital learning, the ever-increasing tendency to BYOD regulation, and business versatility.
- 83% of L&D pros said their executive supported employee learning, but only 27% said that their CEOs are active champions of education.
- Corporate LMS offers distinguished advantages in comparison to academic LMS.
Table of Contents
What is Corporate LMS? How is it Different from Academic LMS?
Corporate training systems are centralized software solutions that address enterprise job training goals, product training, induction, etc. An LMS is feature-rich to create, manage and share important company training content across all the stakeholders, including trainers, trainees, admirative and managerial teams.
They are different from academic software in that they are specifically designed for corporations to help their staff meet training demands. On the other hand, academic LMS is tailored for the teachers and students to help with academic education. Students can enroll in certain courses and leverage classroom teaching experience.
How can Corporate LMS Drive Value to Your Corporate Training Initiatives?
There are multiple stages of employee training where an LMS can come in handy for you. Let’s discuss them.
1. Simplify Employee Onboarding and Induction
Induction is a long process, not just for the employees but also for the HR teams. The idea is not just to introduce the company to the employees but also to help them get acquainted well with the company’s vision, mission, and values. HR teams always explore intuitive ways to help employees align with the brand’s identity and understand the culture.
Corporate LMS is an amazing way to automate this process. HR teams can automate the process by creating and uploading induction training material online. New hires can grasp this content based on availability and connect with the brand as a whole.
2. Streamlined Product Training
Product training is a daunting and time-consuming affair. Imagine you have new hires waiting for product training that takes about 5-6 days. However, the senior resources are unavailable for the next five days. In this case, you would be unable to conduct the session, and trainees will not be able to start their work. In addition, senior staff will spend almost a week training the new hires wherein they can deliver the output in their area of operations. In the case of recurring training, the problem multiplies manifold.
Having LMS-enabled product training is the solution to this challenge. Senior team members can upload the sessions for the trainees to check at their convenience. Neither do they need to be present at the same location nor do they need to choose a specific time? They can also collaborate with their trainers to add value to the content, sharing their experience from the field.
3. Stay Ahead with Compliance and Certification
Organizations need to stay updated on industry compliance and regulations to stay competitive. In some industries, non-compliance can cause serious damage to companies and even cause forced shut down. At the same time, businesses also need to ensure that their employees have the latest industry knowledge.
Thanks to corporate LMS, it is easily manageable. Trainers can record sessions and share them with the HR teams to upload them online for the trainees to check. This way, brands don’t need to invest often in conducting the training sessions but can ensure they comply with the latest industry standards and certifications.
4. Add Value to Customer Support and Sales Training
Every business is unique, and so is its target market. For the customer support teams to respond better to this diverse market, they need a better understanding of where their customers are coming from, what challenges they face, what they are trying to achieve with the products/ services in your niche, and what drives satisfaction for them.
Sales and customer support teams need the right training to understand this. They need to have in-depth knowledge about handing over objections, closing sales, and stimulating customer acquisition and retention.
You can easily support your teams with the right training material available on your LMS. Customer service experts and sales reps can access these vital insights to drive value for your business as well as create an environment of customer delight.
What are the Key Benefits of Corporate LMS?
Glued well to your internal training processes, corporate LMS has many benefits to offer you. Let’s take a look at them.
1. Flexible Training Options
When it comes to physical training, a trainer and trainee are bound to be present at the same location at the same time. This sometimes poses a challenge when the experienced resources or trainers are unavailable. Similarly, there could be changes when a trainee cannot attend a particular session due to some preoccupation, causing him to lag.
Not with an LMS. As the trainers can upload course content in advance. Trainers and trainees are free to carry out their tasks as usual, and trainees can check out the course content based on their preferences.
2. Cost and Time-Saving
41.7% of companies save huge training costs by implementing LMS.
LMS does not require you to invest in infrastructure to meet the training demands. Trainees can access the course content from their preferred devices when it seems fit. Simultaneously, you don’t have to hire experts from another organization or require your senior trainers to invest too much time in recurring sessions. This combines to offer cost and time efficiency in the long run.
3. Improved Business Results
Employees are an essential part of your business. By investing in an LMS, you help them stay competitive and gain the right knowledge that enables you to win the market. Employees can use the right learning tools to grow their knowledge base and leverage training programs to develop skills. Hosting multiple training sessions to cover important aspects like customer delight, sales, team building, people management, conversation expertise, and more will ultimately impact the company’s bottom line.
4. Instant Access to Training Material
LMS allows your training teams and stakeholders to access training material in a few clicks. They can quickly check out induction material, sales and support training content, product training sessions, and more from centralized data. They can also collaborate on improving the quality of this training material and help each other get better.
5. Employee Engagement
Corporate LMS drives employee engagement by up to 18%. The right LMS helps you build the work culture that allows your employees. By investing in their training, you create an impression of an employee-friendly brand where resources can grow. At the same time, having features such as assessment, leaderboards, etc., will keep their competitive spirit alive.
Purchase an LMS or Go for Custom LMS Development?
The benefits and effectiveness of LMS are well-established. However, many enterprises are still on the fence about whether to purchase an LMS or hire a custom LMS development company. Let’s see what makes these options different and what our experts recommend.
1. Off-the-shelf LMS
Off-the-shelf software solutions are ready-made systems you need to buy and deploy in your enterprise. They have a recurring cost associated with them. Their key benefit is quick deployment. You can look for popular LMS solutions online and book a demo with the short-listed vendor.
2. Custom LMS Development
As the name suggests, these are custom-made by bespoke software development companies according to your requirements. They are a one-time investment; all you need to do is find the right technology partner, and they will build and deploy it for you.
Expert Recommendation: Custom LMS Development
Although off-the-shelf systems look intriguing at once, experts suggest opting for custom LMS development for many reasons.
Must-haves Features for a Corporate LMS
1. Intuitive User Interface
No one loves software that makes it difficult for them to access the features. Make sure you analyze the UI/ UX of the LMS thoroughly. Check how easy/ difficult it is for the users to navigate between the courses, search for them, take them, and more. Make sure each screen adds value to the experience and delivers seamless execution across devices of all sizes and operating systems.
2. Advanced Features
Ensure that corporate LMS includes all the important features to facilitate efficient employee training. Here are some functions that you can look for:
- Content Creation and Customization
- Department and User Management
- Manage User Roles and Permissions
- Create Online Training Courses
- Scoring System
- Event Calendar
- Learning Path
- Webinar Hosting System
- Multi-media capabilities
- Centralized file management
- Flawless reporting capabilities
3. Right Customer Support
Digitalization and technology implementation does come with certain challenges. Navigating these challenges is easier with the right group of technical experts. While choosing the LMS, make sure the brand you hire offers you round-the-clock customer service and is available to help you out when in need.
Cost is one of the critical aspects that keep brands from adopting a cutting-edge LMS as a part of their training program. It is important to note that the LMS service provider you choose offers reliable services in the long run. For instance, even though you need to invest some money initially in a custom solution, it pays for itself in the long run. Make a smart choice by comparing all the alternatives against your goals.
Extensibility is the system’s ability to integrate with existing ERP systems. You need to choose an LMS that aligns with all the enterprise products you currently have. For instance, there could be programs that, when integrated with other systems, cause bugs and inefficient execution.
You need a system that grows as you increase your team. A program that’s not scalable only creates a gap in the functioning, causing your training strategies to fall flat. Confirm that the LMS you choose is scalable with your team and changing market demands.
7. Mobile Access
With everything going mobile these days, it is not worth investing in a product that is not mobile-compatible. Employees also prefer the eLearning applications that they can access via mobile. The LMS you choose must offer the right experience to the mobile users.
Start in the Right Direction with Custom LMS Development Services
Having a custom LMS solution for your enterprise is an investment that’s evident to pay in the long run. With many benefits to offer, it also adds value to your business processes and aligns all your teams with the right set of information, processes, and brand value. Matellio can be your perfect partner in this custom LMS development journey. Having combined the industry understanding of eLearning, we are well acquainted with the unique demands of your audience. Standing with our team of expert, certified 150+ engineers. We offer standard-compliant solutions that help you stay ahead of the competition curve. Book a FREE 30-minute consultation call with us to discuss your challenges and how we can build a custom LMS solution for your organization.
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