E-learning for Organizations - How Corporate Learning Influences Your Business ROI?
The process of learning is often found aimless in this millennial generation. In fact, we have almost forgotten the advantages of focused learning. Corporate e-learning is a concept that aims to educate and prepare the employees to enhance the potential and growth of the organization they serve. But, did this novel idea of digital training have any traceable impact on your business growth? And what does it take to implement corporate e-learning into your business? Here in this document, we discuss the benefits and positive impacts of e-learning for organizations. We also cover the topic- how to successfully integrate organizational training into your business. Enjoy the trip!
E-learning for Organizations - Figures and Statistics
Numerous globally renowned organizations have already adopted e-learning as part of their growth strategy. Tech giants including Google and even IBM has found enormous positive outcomes as they began utilizing e-learning for employee development. In fact, the transformation of IBM from its primitive stage was aided by their focused internal skills and training programs. Moreover, their major shift to E-learning has a crucial impact on their persistent growth. Below provided some statistics figures that reveal how effective e-learning can be.
- Goals are met 90% more often by improving team skills
- Enterprises save an average of $70,000 annually and the productivity increased by 10%
- Product deployment has become 22% faster
However, apart from these aforementioned factors, there are some other key benefits we would like to include.
Cost Effective and Efficient
One of the most alluring reasons why organizations prefer e-learning is that it is cost effective and efficient. It costs you a significant amount of money if you source trainers or arrange on-site training. Also, the miscellaneous expenses such as employee travel and the trainer’s expenses itself would be more than reasonable.
In contrast, e-learning cut costs. Since everything is happening within an online platform, the cost of transportation and other similar expenses can be eliminated. Moreover, it doesn't need a particular space: anywhere, anytime, learning is possible.
Measurable and Scalable
The greatest benefit of being aligned with digitalization is that our efforts can be measured and further improved by considering the logical insights that we received. E-learning is not an exception as well, it can be measured at a granular level. Also, it is possible to understand how the program impacts the business KPIs. However, the key is to have a clear goal. You have to define what you want to achieve through the process, it can be anything from improving sales, customer satisfaction etc. And on finishing the program, you can commence matching the outcome with the previous results.
Yet another crucial point is, as your organization expands, your e-learning community will also grow. With advanced digital tool and attributes, you can include more users and resources required for the purpose. For instance, organizations such as Airbnb, Uber, Lyft etc incorporated e-learning programs at their initial stage of development. Guess what! They gained massive growth and their learning program have improved substantially as well.
Develop Intellectual Capital
Intellectual capital is usually considered an asset. It is none but the informational resources an organization owns, that can be used to drive more profit, find more customers, build new products and more. E-learning is effective in this specific scenario as it delivers relevant information or knowledge at the right place. For instance, if having access to the right information, a salesperson can utilize the same and give a sales presentation that really hit the spot. Also, it helps employees to adapt to the new technologies very easily and by their own. It provides important information and a variety of reference materials to help employees perform their duties hassle-free.
It is Context Sensitive
The requirements and needs of each business are distinct. Even, the demands of each department will be different. Anyhow, the needs and expectations can change anytime, especially in this ever-changing business scenario. E-learning software can easily adapt to this alternate scenario, it can be customized to meet the needs of the organization. You can add, edit or upgrade your system as a whole to take your learning efforts to the next level.
Quantify the benefits of E-learning in Monetary Terms
However, all the benefits that we include in this document are clearly connected with the profit and ROI of a business. After all, if you seriously want to measure the outcome of your training program in terms of profit, you should’ve to implement Kirkpatrick’s training evaluation process. The particular evaluation process is divided into 4; Reaction, Learning, Behavioural impact and Results. By analyzing all these 4 levels, you will be able to apply a monetary value to the efficiency of your learning program. ROI can be deduced further after this.
Level 1: Reaction - User response
Level 2: Learning - Knowledge & skills transfer
Level 3: Behavioural - Applying the knowledge obtained
Level 4: Results - Organisational growth
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Even though e-learning is highly beneficial for corporations, developing a fully-packed e-learning website can be tedious. It might cost you a great deal of money, and there are always clear possibilities for errors. To eliminate the stress of being involved in this complicated process and to deploy an astounding corporate learning software, adopt a premium Ready-made E-learning solution. This learning solution can be formed into a comprehensive e-learning platform within a matter of days. And since it is fully-packed with all essential attributes and functionalities, optimizing your learning can become extremely handy and effortless.
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