7 Ways Owning a Learning Management Software (LMS System) Helps Your BusinessPosted in : Supplementary Articles ROI on 12 January 2023
Are you finding it overwhelming to deliver and keep track of compliance training for your employees? Perhaps you are considering the ownership of Learning Management Systems (LMS) for your company, also known as compliance management software.
The eLearning team at Legal Island carried out research on their customer feedback and found out that businesses want more of the following:
- Reduced risk
- Reduced cost
- Improved efficiencies
If your business shares the same needs, then there are several ways a learning management system (LMS) will benefit and optimise your business.
Many organisations will want to understand how the cost of an LMS is offset by the financial benefits it will bring. Therefore, we are here to talk you through some of the main advantages of having an effective LMS and the introduction of LMS training, including how it optimises business – especially when it comes to online compliance training.
What is the Purpose of Learning Management Software?
An LMS is a type of training management software. The main purpose of a learning management system is to host and track your staff’s e-learning. Learning Management Software provides your company with a learning hub in which your staff can access training courses and learn online. Its purpose is to make training far more accessible for remote learning while creating a central point of call for training across your organisation.
Given the above, LMS systems allow you to monitor training progress across your organisation and consequently identify training and learning gaps with access to data and reporting tools. They do this by adopting intelligent algorithms which help make automated recommendations.
More importantly, what VALUE does an LMS bring your business?
How Do Learning Management Systems (LMS) Optimise Your Business?
As mentioned above, there are several main advantages of having an effective LMS:
1. Saves Time on Learning and Development
Plenty of research concludes that online e-learning using LMS software can save your organisation a lot of time compared to in-person training events. LMS means learners can do their training from home and at their own pace. This also means less time needed for travel which, in business, is valuable time that could be spent on regular duties. In that way, learning online with an LMS can help your employees make the most out of their working days.
2. Saves Money on Learning and Development
In the short term, LMS systems can be relatively expensive for organisations. However, it offers plenty of growth and money-saving opportunities in the long run, which offsets its initial cost and makes it a smart investment.
For example, in-person training may require additional travel expenses for employees that they claim. Plus, there are other costs to consider when hosting training events, such as catering.
Learning in person is far more costly than having employees simply open their laptops at home.
3. Can Prioritise Workload in One Location
LMS platforms offer a consolidated approach to learning. Instead of sacrificing a whole morning, afternoon, or even a whole day for in-person training. An LMS lets employees prioritise their workloads and hop in and out of training during quiet moments, working at their own pace.
4. Unlimited, Consistent, and Flexible
One of the great benefits of learning management systems is that it allows you to deliver training in the same way across the organisation, no matter where people are based – whether at home or abroad.
This is particularly useful for companies and organisations that have adopted remote and hybrid models of working since Covid-19. This aspect provides ease when it comes to facilitating remote employee training.
Given the personalisation capabilities of an LMS, you also get to set the tone and culture of learning using this type of platform. For example, you can create learning paths that employees can use to upskill themselves and advance their careers in specific ways, tailored to their goals.
Perhaps you have already invested in some training resources and wonder whether an LMS can integrate those. An LMS which boasts fine-tuned personalisation won’t restrict you from adding your own learning materials onto the platform, whether you’ve created them or purchased them elsewhere. That way it maximizes return on investment by keeping everything in one central place.
5. Trackable & Valuable Data-Driven Report Function
An LMS offers an incredibly intuitive data-driven report function, which provides further reason to consider it in your business.
Data and reporting are critical for the analytics and evaluation of a business. An LMS allows the HR team to run reports to show who has or hasn’t completed their learning. Reports can be run for individuals or companywide on eLearning completed. That way, HR knows both the percentage of employees who have completed/not completed a course by the whole company or by an individual department. HR also has access to the details of all users who have completed a course, including their individual scores, as well as individual user reports.
How can these tools then benefit your business?
One example would be how having your own LMS and access to such data allows you to keep track of your employee’s skills and competencies. Therefore, in the face of company restructures or an employee leaving, you have the informed knowledge of who can fill certain shoes within the team.
A second example would be the benefit to line managers. The intuitive report function helps them keep their own team’s learning in check, which is key for growth and individual development, which in turn has a positive impact on the whole business.
6. Reduces Staff Turnover
All the above-mentioned benefits put together means owning an LMS has a profound impact on recruitment and employee retention. All these benefits provide value for an organisation and those involved. This can lead to greater job satisfaction.
7. Improved Engagement
An LMS allows an organisation to make training far more engaging with the likes of quizzes, situations scenarios, and other interactive elements. For example, gamification, messaging, and forums help contribute to a lively learning experience and increased motive.
All this paired with a strong and user-friendly interface and design means training becomes more appealing and effective for your team.
What makes a good learning management system?
There are certain things to look for when choosing a good learning management system for your organisation. To sum it up briefly, you want to look for one that is:
- Customisable for your own branding
- Compatible with other platforms to simplify business processes
- Personalised for better learning experiences
Keep in mind that finding the ideal LMS for your needs is the only way to truly reap the benefits of a Learning Management System. So, take advantage of free trials, research the features and pricing options, and read reviews from other eLearning professionals who have had experience with the tool.
At Legal Island, we are proud to offer our own LMS platform, AppLI LMS, available across the UK and the Republic of Ireland. If you have any questions, please get in touch with the team at Legal Island or simply fill out the form below and download the brochure here. We’ll be in touch with you to discuss things further.This article is correct at 12/01/2023
The information in this article is provided as part of Legal-Island's Employment Law Hub. We regret we are not able to respond to requests for specific legal or HR queries and recommend that professional advice is obtained before relying on information supplied anywhere within this article.