A learning management system, or LMS for short, is a platform where digital learning takes place. The software manages, runs and analyzes educational courses and training for a company or institution. Here’s everything you need to know about it, from the types available to the benefits and pricing options available.
Cost Savings: By learning management system online, your company saves on costs of hosting training sessions and onboarding with each newcomer. Instead, you can have all of this information online that employees can access from anywhere, over and over, at any time.
Saving Time: Of course, having eLearning completed online can save you time of scheduling teaching sessions and when it comes to optional courses, employees can do this after hours.
Consistency: By having the course learned from one source, you can ensure that the materials are consistent and that the course follows the unified learning measures. With the built-in AI, you can also present information in a way that best suits each individual’s learning style.
Performance Tracking: You’ll be able to assess the employer’s knowledge and performance, as well as develop individualized learning plans if needed.
Employee Improvement: You can help employees improve their skills, which will lead to increased productivity, knowledge retention and, depending on available courses, increase employee benefits.
When using the LMS in your business, there are several factors to consider:
Objectives: The course generally has practical employee applications that apply to your business, rather than purely theoretical knowledge.
Term: Depends on the type of training, but courses are usually short – from a day to a few weeks in length.
Conclusion: Upon completion, you can decide whether to simply offer grades or issue certificates as well.
Features: Depending on the LMS software you select, you can share information through slides and animated videos, for example. You can also set up quizzes and interactive learning. Additional features include multilingual support, white label (branding), additional security features, and e-commerce (where your company can sell your training materials).
Content updates: Content can be added to your LMS using a built-in function or uploaded separately. Often, this information will need to be re-evaluated and adapted to apply to industry or company updates.
Social Learning: It may be necessary or useful to create group chats or discussion forums for people taking the course, or to offer occasional supplemental online conferences.
Tracking: You will be able to monitor completion rates, assessment results and student satisfaction when completing courses. This can be helpful when evaluating your training programs.
LMS Pricing Models
There are typically three options available to you:
Free: Available with limited features and functionality.
Open Source: There is no licensing fee, however there may be additional costs for servers, hosting, customization and upgrades.
Commercial: There are no additional costs and support services offered. This is suitable for those with IT staff who will find this software easy to use and customize. This is charged as follows:
Payment for active users (active users during the billing cycle).
Payment per student (a fixed number of students).
Pay as you go (paying only for the resources used).
Subscription fees (paid monthly or annually, structured around the features you select).
LMS software is highly effective for e-Learning which can be very beneficial for many types of businesses. With the market expected to grow, this is a great time to invest in this software and make it part of your employee and partner journey.
Nexa helps large companies build in-house Learning Management Systems for employee onboarding, training and workshops. For more information about LMSs and the options available through HubSpot, contact us at Nexa.
Did You Know?
The LSM market is estimated to be over $15 billion in 2021. Nearly half of the global Fortune 500 companies make use of them and a growing number of educational institutions do as well. This increase in demand can be attributed to a shift in the way of learning, with much of the world adapting to remote working and, by extension, distance learning as well.
There are hundreds of LMS providers vying for market share, most of which make use of cloud technology, which means people simply need internet access and an email to log in (instead of downloading). and install the software).