Learning Management System users are increasing at a very rapid rate with advanced tools for knowledge delivery and impressive customizable designs. Even small organizations are now using Learning Management Systems to create an efficient and world class workforce. When budgets allocated for digital learning plans are reasonably high for a medium or large scale organization, and Global IT University can help you measure the ROI (Return of Investment).
Calculating monetary benefits of digital learning is not always important
Financial consultants will always try to gauge the monetary benefits of an digital learning investment. It is reasonable to calculate monetary advantages gained after a substantial investment on employees within an organization. However, the goal of calculating the ROI of digital learning is to have some insightful results. These insightful results can help an organization streamline its digital learning mythologies, future budgeting, and overall training procedures in a way so as to derive maximum benefits.
Comparing total costs of a training program in a traditional and virtual setting is important
An organization should directly compare the total cost of a training program delivered through a classroom setting or a virtual environment supported over a learning management system. It is important to consider all necessary costs including the trainer’s salary, total number of participants, and the maintenance costs of LMS while estimating the total costs of digital learning.
For a given number of participants, it is not very difficult to find the total costs for both settings. However, the real task of calculating the actual ROI rests on the analysis of various factors, including-
1. Employee satisfaction with the program
2. Ability of employees to apply concepts learned over an online medium
3. Changes in on the job performance of learners after undergoing a training program delivered by a coach over an advanced learning management system.