How To Evaluate LMS Vendors When Purchasing A New LMS
Learning Management System (LMS): As the digital revolution is omnipresent, corporates are now in search of technological advancement that will make their lives easy.
This is where a learning management system gained its popularity. A learning management system is a cloud-based platform that allows individuals to store their data in one place. The main purpose of this digital tool is to enhance the learning experience of users.
Quite often, it becomes a little tricky and challenging to attract and engage learners. With a learning management system, you can ensure that you are creating relevant content as well as executing and monitoring how learners are performing. This is what attracted many institutions and corporates to switch to learning management software.
There are now several hundreds of brands of LMS that are now available in the market. It can often get confusing for many. This is where you should carry out your learning management system evaluation before picking up one.
Find below a few tips that you should keep in mind for successfully evaluating your learning management system before purchasing one.
- Keep training cost calculations ready
Training can often get a little heavy on the pockets of an organization. Thus costs should always be one of the major deciding factors when it comes to the evaluation of an LMS.
Before selecting a learning management system, make sure you determine the cost that you will have to incur to train each of your employees. It takes around $1000 on average to train a single employee annually.
Moreover, when it comes to training, it is not just one cost. There are many other expenses including updates, addons, upgrades, content customization, administration, implementation costs, and many. You should make sure when you are calculating the cost of training, you are adding each of these costs as well.
- Analyze employee engagement
One of the major reasons or motivating factors for employees would certainly be their personal and professional growth. Each employee has their own need for growth and it is important for you to understand that.
You should choose an LMS that will keep the employees engaged in the training sessions and make them feel their growth is being nurtured. Otherwise, you will risk losing your talented employee. Onboarding a new employee is an expensive and time-consuming task.
Hence, make sure you offer training that works on boosting the morale of your employees. This will help them sustain the organization as they learn more about their responsibilities and learn ways to tackle everyday challenges.
- Measure productivity
You should find a learning management system that will help your employees find efficient ways of carrying out activities in their daily routine. An LMS should help them understand how they can carry out their tasks quickly. This will help them increase their productivity.
When the productivity of your employees increase, they will spend much less time on the tasks, gain more confidence when performing on the job, and help the organization climb the ladder of success.
Thus, when you are evaluating your learning management system, make sure that you consider whether it will help increase the output and decrease labor costs or not.
- Track profit margin
While it is true that a learning management system should employee-centric, it should certainly offer some benefits to the organization as well.
For an organization, a learning management system should help increase the profit margin. It should help you figure out the amount of money that the training is bringing you, whether you are reaching your targets, and also indicate the difference between past and present performance of employees.
When your LMS is successful, it will help your sales team to increase conversions and thus, profit margins should be monitored through a thorough learning management system evaluation.
Evaluation of the learning management system is not a task. But these tips will surely help you adopt an LMS that will fit well with your organizational needs.