Why And How To Adopt A Corporate Learning Management System
Corporate training is a must in the majority of enterprises and large companies. Moreover, its popularity is gaining ground in mid-sized and small companies. Corporate Learning Management Systems (LMSs) help companies onboard new team members fast and upskill existing team members to deliver services of top quality and maintain a high customer satisfaction rate.
What Is A Corporate Learning Management System?
Corporate LMS software helps employees grasp new skills and verify their knowledge. The word "corporate" means that a system is tailored to the needs of a specific organization, including unique learning materials, internal guides, custom tests, etc.
How Does A Corporate LMS Work?
There are many corporate LMSs with diverse functionality. However, in a nutshell, the architecture of the most popular corporate training platforms is the same and includes the following three major blocks:
- Education
Learning materials in the form of text and video materials. - Knowledge assessment
Tests and surveys to examine the skills grasped by employees. - Learners management
A database of roles and knowledge employees need to have, including their learning schedules.
Build Vs. Buy Corporate LMSs
Business owners who want to adopt the best Learning Management System for corporate training can choose between ready-made or custom-built solutions. What is a better solution for business? Let’s learn more about the established build vs buy software approaches to select the best option.
A ready-to-use LMS is software with predefined sets of features. Pre-built solutions can be implemented fast. However, business owners can only use features that the selected vendor provides. Business owners usually pay a monthly fee for every team member registered. A custom-built solution should be developed from scratch by involving software engineers. Businesses own custom-developed solutions and don’t need to pay monthly fees. Also, they can create the required features to achieve all business objectives.
How To Build Your Own Corporate Learning Management System
To build your own LMS, you must prepare project requirements and gather a team of software engineers. Also, you need to plan all the learning activities to find an answer to the question, "How much does it cost to build an LMS?" Assign tasks to selected developers, monitor their performance, and test the increments they deliver.
Alternatively, you can find a reliable vendor with a large team of software engineers and LMS development expertise to build your own LMS from scratch. Share all your requirements with a selected software development provider, so it will help you choose the best technologies to create a custom solution to train and monitor the progress of your team. The best LMS for a small business should have the following features:
- Learning materials creation
Tools to create or upload video tutorials, slides, or text materials. - Content management
Functionality to store, update, and delete learning content. - Mobile access
A web or mobile app to access learning materials using portable devices. - Roles management
A database of all team members, the learning materials they have access to, and the skills they need to have. - Skills assessment
Tests to examine the skills and knowledge learned by team members. - Progress tracking
Tools to track the learning progress of employees. - Data security
Security measures that help in keeping corporate information secured to avoid the leakage of sensitive information.
Benefits Of Corporate LMSs
Most businesses actively adopt LMSs because of their many benefits. According to statistics [1], the Learning Management Systems market is expected to grow 2.5 times from 2022 to 2029. The top advantages of adopting Learning Management Systems by businesses are the following:
- Efficient knowledge management
LMSs foresee the opportunity to store all corporate learning materials and manage them efficiently. Also, an LMS helps manage roles and assign the required skills to selected employees. - Improved access to learning materials
Employees can easily access the required learning materials from any location and receive notifications about new information updates or new guide releases. - Enhanced performance
With access to all the required information and continuous education, employees achieve better performance. - Flexibility
Team members can grasp new skills quickly from any location without compromising on their primary job responsibilities. Also, business owners can reskill their team members upon a need. - Progress-tracking
The best corporate LMSs enable managers and business owners to track the learning progress of their employees. - Consistent training
With a thoroughly-developed team training plan, business owners can establish consistent training to upskill their employees. - Seamless onboarding
Corporate Learning Management Systems help businesses fast and effectively onboard new team members, clients, and partners.
Conclusion
Corporate learning helps businesses educate employees to keep their skills and knowledge up-to-date. Also, they help increase team efficiency, onboard new employees, track progress, etc. If you want to build your own LMS, you can choose to use a pre-built system or develop a custom one from scratch. Ready-to-use LMSs are good solutions for businesses with small teams. Custom-developed solutions are perfect for large enterprises that develop long-term development plans.
References
[1] Learning Management System Market Size | LMS Industry Trends 2023