BenchPrep Team July 14th, 2020
Top Questions Answered About Investing in eLearning Technology
Since COVID-19 shut down in-person training, organizations have two options: They can take a band-aid approach by cobbling together free technology to get them through the next few months, or they can see this situation as an opportunity to invest in long-term technology and build new business assets.
Which situation does your organization fall in?
We compiled some common questions to help you decide if investing in online learning technology is a smart move for you.
Can you leverage eLearning technology to grow your organization in the future?
A learning management system (LMS) isn’t just for tracking compliance training anymore. Modern LMS software can do so much more than just build courses. Discussion forums, virtual meeting rooms, and eCommerce capabilities all open up new possibilities for leveraging your LMS to grow your business.
Here’s a list of innovative ways to use an eLearning technology:
- Host a virtual conference
- Create digital “water cooler chats”
- Provide expert Q&As
- Offer customers eCommerce options
Plus, you still have the ability to sell engaging courses to your clients in multiple modalities (audio, text, and video). And, they’ll fall in love with your courses because you’ll be using best practices like microlearning or gamification.
Will data analytics give you a strategic advantage?
In-person events often lack data because people don’t like filling in surveys and questionnaires.
Many eLearning solutions like a Learning Management System (LMS) or a Learning Experience Platform (LXP) can offer data on the effectiveness of your learning experiences.
Here are a few ways data and analytics can give you a strategic advantage:
- You’ll know what content users like so you can make more of it
- You can redesign content with high error rates or warn users of common errors
- By returning to content frequently, users will tell you what they find useful
- You’ll be able to see what content users in different roles use or don’t use
- Dropout points can tell you where you need more engaging content
Digital marketers have used data metrics for years to learn more about their audience. You can do the same with a long term technology to build useful eLearning assets for your target audience.
Could this eLearning technology become mission-critical?
Many organizations invest in technology, such as accounting software or customer relationship management (CRM) software, because it’s essential to run their business. Could your LMS solution or LXP drive a core part of your business?
Here are a few questions to ask as you consider leveraging your eLearning solution in other core business functions:
- Could customer-facing courses complement marketing campaigns or build your brand?
- Will course sponsorship opportunities deepen partner relationships?
- Do online assets add value to other products like textbooks?
- Can you extend live experiences like conferences or in-person training with eLearning?
- Would micro-credentials, certifications, or digital badges appeal to your audience?
- Will this technology revolutionize onboarding and compliance training for your staff?
eLearning assets can become a core part of your business, but you need to identify what core business functions they serve. Then, you can strategically plan how your eLearning technology can supplement your long-term online learning strategy to drive results.
To invest or not to invest?
Only you can decide if investing in a long-term digital learning solution is a good fit for your business.
Cost is always a factor in any purchasing decision and there’s no denying long term solutions usually have higher upfront costs. But the opportunities for growth can often offset this upfront cost.
Sometimes you’ll even discover the new technology saves you money by reducing other costs or labor. Some organizations save money simply by eliminating printing costs or postage for mailing certificates.
At the end of the day, cost always remains a factor. If you eliminate some labor costs and factor in growth, you can often see a good return on investment.
There is no denying that digital learning is here to stay and businesses need long-term solutions to scale and grow. If you’re ready to scale and grow your business, then you’re probably ready to invest in eLearning technology.
Learn how the Association for Supply Chain Management (ASCM) underwent a digital transformation and nearly tripled eLearning seats sold in the first year by using our long-term learning technology.