Knowledge is power, and given the fast-paced business environment, it is advancing at skyrocketing speeds. With that said, it is essential to adapt to the ever-emerging demands that the markets now pose. This is where the Learning Management System Implementation comes to the rescue.
Looking at the numbers
In 2019, the global LMS market size reported close to $9 billion. And in the next few years, by 2027, it is likely to reach five times. About 40% of the Fortune 500 companies are already using LMS. Coming from the experts, LMS is here to stay.
What is an LMS in today’s world?
LMS or a learning management system is education software that bridges learners and tutors with the requisite resources and materials.
Who can benefit from Learning Management System Implementation and how?
Irrespective of your age or position, learning does not stop. And so, an LMS is not only for employees but also associates and partners, and customers.
Employees
An LMS educates employees by refining their current skills and developing new ones. So, learning management system implementation does two things – upgrading and upskilling. Secondly, it keeps in mind the overall business goals. The implementation assists in onboarding the new recruits through compliance training, orientation, and grooming sessions. Another aspect is the inception and growth of a virtual community that pushes the company’s values.
Business Partners and Associates
It is all about collaboration and integration. All companies work with other agents to get their deliverables on time. With that said, information and knowledge are robust trading instruments. The more the partners know about your work, the better their position in pitching to buyers.
Customers
LMS for customers is possible and is for learning about new tools. Say your business has just launched a new accounting software and that your clients do not know. An LMS comes to the rescue by addressing the customers’ concerns and offers appropriate information. The dissemination can take place through pre-recorded demonstrations, live tutorials, and training sessions, among others.
In summary
LMS is an online learning system that brings together various stakeholders. Although the industry numbers are significant, there is tremendous upside potential. With technological advances, LMS will become the rule rather than the exception.
Ready to get started?
Download our free whitepaper “Choosing the Right LMS: 7 Steps to Consider When Implementing a Learning Management System” to learn more about the learning management system implementation process.
Connect with us to learn more about how we can help you with your learning management system implementation.
