In a world of constant budget cuts and an ever-slimming bottom line, training isn’t always seen as a solid investment. Of course, unless you shadow your employees for a few months, it’s hard to tell exactly how the training affects their thoughts and behavior.
To truly assess the ROI of an LMS, organizations need to decide whether training is a cost – or an investment. Adding up the cost savings when compared to other training methods helps, but the true ROI is found in the significant revenue benefits.
Cost Savings of LMSIt’s no secret that an LMS is cheaper to administer than traditional training. Without the necessity of travel, paying instructors and renting facilities, eLearning modules can be experienced again and again for a relatively low cost. After the initial cost for development, your LMS should run like a well-oiled machine, which means less time facilitating the training and more time experiencing the benefits.