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Getting a High Return on Your LMS Investment: 5 Takeaways

Recently, I listened to Tagoras’ Leading Learning podcast, 5 Keys to Getting a High Return on Your LMS Investment. They shared some great tips everyone should consider when developing their eLearning program and LMS strategy.

ROI

Want to learn what these experts have to say and questions you should be asking?

1. New Revenue Generation

How directly will the LMS support the creation and delivery of new products or enhance the revenue potential of existing products? You should be able to connect with more learners as well as provide more content to existing learners. Make sure to continue working with your most popular, current content. Some of the key benefits are:

  • You have a reasonable idea of the untapped audience
  • You have an existing pricing approach to leverage
  • You usually have a good idea of what is driving demand

2. Cost Savings

Will your investment lead to productivity increases that decrease costs? Your LMS should be able to provide some operational efficiency, which should typically produce cost savings.

3. General Value Perception

To what extent will this increase our member’s perception of our value and help us attract new members? How much use are your members and potential members making of eLearning? Where are they going for eLearning? Are there segments being underserved? The delivery of online education to provide a certification is a great example of providing value to your members.

4. User Experience

Closely related to the value perception – but should be considered on its own. Don’t just rely on opinions and anecdotes. Test and gather data about the experience you are currently providing – this will enable you to determine how much you can improve the user experience and where improvement is most needed.

5. Fulfillment of Vision and Mission

How will implementing a new or replacement LMS contribute to fulfilling the mission or vision? This speaks directly to the responsibility of board members who are determining items like budgets. By fulfilling the previous points, you are already well on your way to fulfilling mission and vision! If an LMS enables you to reach many more people in your industry, that would most likely contribute to your overall mission and vision. If you can show you are having an impact, then according to Tagoras, you qualify as a learning leader! You’ll need to know what kind of data can demonstrate impact and be able to show and track that.

At the end of the day, getting the highest return on investment with your LMS, all comes back to strategy. Knowing what kind of data will demonstrate the impact that aligns with your mission and vision is a direct outcome of having a solid strategy for your eLearning business.

Whether you are on the hunt for your first LMS and looking to make a change, think about these five things while conducting your research and viewing demos.

  • Do the LMS’s you are considering provide a positive user experience?
  • Is the admin experience simple for you to understand?
  • Does the LMS company provide services that would help take some of that work off of your plate?

Tap into what similar successful organizations have done to fulfill their vision and mission with their eLearning programs and LMS platform and see if there is information you can glean from to help get you started, or help you revamp your eLearning program and new LMS going forward. Then dive in and make sure you have a killer eLearning strategy before you take the plunge with LMS implementation!

Interested in learning more about Blue Sky eLearn’s Path LMS and eLearning services? Contact us today.

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