BenchPrep Team February 18th, 2020
Top 3 Innovations to Drive Revenue Through Online Learning
Management and leadership in online learning require a careful balance to project manage three variables to achieve a successful outcome: time, scope, and cost. But is that enough?
Absolutely not, and history is the best teacher. Famous brands like Kodak, Nokia, and Blockbuster allow you to easily be the armchair quarterback and point out that they all failed in evolving with changing market trends.
Why is it that we fail to adapt? Human nature suggests we want control and certainty in outcomes, and we are fearful of adapting to changing trends and taking risks that require innovation and change.
Learning is substantially impacted by changing market trends. Take Gen Z for example. This group, born from the mid-90s to early 2000s, make up 25% of the current U.S. population and will comprise 36% of the global workforce by 2020. What’s this have to do with learning? As you can guess, these learners are not just technology savvy but tend to be nomadic by nature. When Gen Zers have a problem to solve, they simply search YouTube for the latest how-to video with the most likes. They prefer consuming just in time vs. just in case training.
The question for learning professionals to ask is – are we adapting our online learning approach to mirror changing trends, or are we simply managing what project managers call the triple constraint?
The Triple Constraint
While we can be good stewards of managing a learning project to make sure it is delivered on-time and on-budget with the right scope of features, that is not enough for success. What is needed is a learning strategy that aligns with changing learning habits in order to drive revenue through innovation in three key areas:
- All-in-one learning solutions
- Reducing logistical and operational overhead
- Omni-channel accessibility
Growing a business typically means incurring growing costs. But what if there was a way to decrease expenses without jeopardizing the quality of work?
While a training solution might sound like more of an expense than a cost savings, there are a number of ways that an online learning solution yields a high return on your investment. In fact, it’s estimated that online learning has increased income for 42% of organizations.
How does online learning help cut your business costs and improve productivity?
1. All-in-One Learning Solutions
When it comes to choosing an LMS, it's important to select one that works for your needs. If you need an LMS solely for administering learning, you might not need a more robust platform. However, if you need a solution that allows you to manage and easily update content, you'll need a content management system (CMS). Some traditional learning management systems might not have a built-in CMS, requiring you to either purchase additional technology or buy pre-packed content from another provider to import into your LMS.
In addition, it's important to consider the content you have and whether you have people in place that have the skill and expertise to digitally transform and import the content onto your LMS. If not, you may need to look at hiring additional people or hiring an external resource to assist.
While an "all-in-one" learning solution may seem like a larger cost up front, in the end the platform could ultimately save you money by alleviating the need for additional systems or teams.
2. Reducing Logistical and Operational Overhead
Have you seen training videos from decades past? The lessons, setting, and method of playing these videos – like DVDs – are outdated. These old materials won’t resonate with today’s workforce. Overhauling outdated training materials can cost a lot in time and resources. It’s also nearly impossible to cherry pick portions to update without changing the whole program.
You need learning solutions that engage your employees and stay current with the challenges they’re facing today. When you use an all-in-one online learning solution, you’ll find that they’re easy to update. There’s no need to reprint books or update lesson plans. You simply create the new training content, update it via the solution your organization uses, and the changes are reflected in the online lessons instantly.
This can be particularly beneficial for companies that require regular employee certifications and recertifications in their industry. Changes to the certification information and requirements can be integrated into your online learning solution with ease.
As your organization's learning program grows, overhead costs for instructor-led training will increase as well. More learners means you’ll need to partner with more instructors, dedicate more space for learning sessions, and invest in more training materials for everyone in your organization. Companies that have moved from instructor-led training to online learning solutions report a 50-70% savings in training costs.
When training is online and accessed using a laptop, tablet, or mobile device, there’s no need to dedicate more space. A single instructional video with already-created questions and interactive discussion boards plays the same role as an in-person instructor, and you can reach a much higher number of learners, too.
3. Omni-channel Delivery Eliminates Wasted Time & Money
Carving hours out of your workday and gathering your whole team together can be a major drain on productivity. Your employees lose hours of work time sitting through concentrated, and sometimes boring, training sessions. With online, self-paced programs, learners can take control of their experience, eliminating wasted time on material that is irrelevant to their learning needs, creating a more efficient process and experience.
Online learning management solutions save both the learner and their employer time. In fact, it’s estimated that online learning can reduce overall training time 40 to 60% and mobile users complete training 45% faster than traditional computer users. This leads to a more efficient and effective learning process that takes less time than traditional methods.
Instead of your learners sitting in hours-long training sessions, they can easily learn on the go. Maybe they’re going through digital flashcards on the train commuting home or looking at a lesson with the extra five minutes they gained after a meeting ended early. When you’re employing and attracting a millennial workforce, this more efficient learning model is sure to appeal to tech-savvy employees.
One-Stop Shop for All Your Content Needs
When you choose an online learning solution for your company’s training needs, there’s a good chance you can get a lot more than just your basic training modules. With a top solution like BenchPrep, for example, you have access to a learning ecosystem, which performs functions far beyond just providing lessons and quizzes.
BenchPrep provides administrative tools, data dashboards, and a learning experience that easily integrates with your other tools as well. It’s a seamless one-stop-shop for all your training needs, and you have a central place to store all your future content. You gain more resources for your investment, making each dollar you spend go a lot further.
Online learning is a great way to engage with your learners, demonstrate that you value ongoing improvement, and, ultimately, cut business costs. When you find the right online learning solution for your business, you’re sure to see the positive impacts both on learner engagement and on your bottom line.
Check out our Learning Management System Comparison Guide for help on understanding what solution might be best for your needs.