Efficiency saves time. And time is money.
According to e-learningindustry.com, 77% of US companies now offer online learning solutions to improve employee performance and 47% enable mobile learning which allows employees to access internet-based training whenever they want from their mobile device. Businesses around the globe are embracing ongoing learning development and investing in learning management systems to acquire, apply, and share knowledge.
A Learning Management System (LMS) is a software or web-based application that is used to plan, implement, and assess a specific learning process. An LMS centralizes, standardizes, and streamlines courses and/or training programs and is able to serve documentation, information, and testing materials directly to the user. The features and capabilities of an LMS can vary widely depending on an enterprise’s unique needs.
A learning program’s needs vary widely by enterprise. Many businesses are finding that the development of a high-impact LMS solution is a critical part of a successful business strategy; one that enables them to efficiently emphasize their training and communication priorities and evolve with the needs of the organization.
Case Study: Carrier
Founded by the inventor of modern air conditioning, Carrier is the world leader in high-technology heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy-efficient products, building controls and energy services for residential, commercial, retail, transport and foodservice customers. Carrier is a part of UTC Climate, Controls & Security, a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide.
Carrier came to Fastback with a challenge: they needed to create a new, upgraded, modern e-learning platform to educate their global sales and workforce. They have several certification steps and business requirements in order for their resellers to be “Factory Authorized Dealers,” they offer certifications for maintenance and repair companies, and they maintain robust ongoing education efforts for their internal staff. We worked with them to understand their business needs and goals as well as the needs and goals of their LMS users in order to create a powerful learning platform that would be tailor-made for them. The resulting LMS allowed dealers and distributors to register for, pay for, and take both online and in-person training, tracked their progress towards certification, and reported individual and aggregate data back to corporate.
Carrier’s LMS was designed to be flexible and to grow with the needs of the organization. We used a ticketing system to constantly catalog, prioritize, research, and track updates to the system. To date, we’ve completed over 200 enhancements and updates to the Carrier LMS, making the entire system more streamlined and powerful. Access to customized reporting and the sheer volume of available data allows Carrier to see and assess exactly how their trainees are doing, how effective their training is, and where they need to focus their attention. The system is customized and optimized for the Carrier business model, it’s SCORM compliant, continually updated, and it’s profitable.
The Value of an LMS
Many companies already understand the magnitude of work that goes into maintaining a continuing education program. The hours spent on paperwork, administering tests, evaluating progress, and making sure that nothing gets missed can be directly translated into money spent. An effective LMS can save you time which, in turn, saves you money.
But the value of an LMS goes beyond just saving money. Learning management systems can also be leveraged to make an organization money. An LMS turns into a revenue stream when you charge a fee for user or organizations to be licensed through your LMS, to register for a class or seminar, or to be able to access educational and reference material. The cumulative effect of money saved by increasing efficiency and money made by offering valuable content to your users can have a dramatic impact on your bottom line.
An LMS also provides a valuable opportunity to engage with employees. Access to learning and training opportunities is often listed as one of the most sought after job benefits and can be one of the most validating avenues of recognition among employees. An LMS presents a compelling learning experience, establishes the company’s goals, and gives employees the tools to effectively contribute to their organization. Studies show that engaged employees drive greater productivity, quality, and profitability.
With the ability to focus on deep expertise development, collaboration, knowledge sharing, and the continuous reinforcement of expertise, an LMS is a critical component to long-term success. As many businesses are discovering, learning culture is perhaps the most important asset a company can nurture. The proof is in the bottom line. Developing a high-impact learning management system is more than just a valuable tool in your corporate learning strategy – it’s a competitive advantage that has a real, measurable impact on profitability.