As the global workplace increases in complexity, there is a growing need for consulting firms to provide outsourced employee training to help their business clients to successfully compete and thrive. In fact, a recent study by Technavio reported that the global market for corporate training will grow by nearly $53 billion over the next four years, for a CAGR of roughly 10%. This growth will create a significant revenue opportunity for those consulting firms that can fill employee training voids in areas such as technology, compliance, leadership, and the general building of workplace skills.
In years past, the primary means of delivering employee training was through on-site, classroom-based training. But more recently, the combination of advanced cloud-based technologies and an increasingly remote workforce (accelerated by COVID-19) has led to online learning, or “eLearning” as the preferred method of corporate training and employee skills development.
The Benefits of eLearning for Corporate Training and Consulting
eLearning eliminates many of the challenges faced by corporate training and consulting firms as they seek to offer their services under a set of restrictions that are new to the business world. Some of the benefits of eLearning to support corporate training and consulting engagements include:
Flexibility for Remote Employees
eLearning eliminates the need for employees to gather at a single location for classroom-led training. Instead, eLearning allows employees to conduct their learning activities at any time and from any place that is convenient for them, all that is required is Internet access.
Classroom-based training can bring a heavy cost overhead, given the need for travel, lodging, catering, and other expenses. eLearning eliminates these costs, thus increasing the potential profitability of corporate training and consulting engagements.
Classroom-based training can present significant scaling challenges as it requires you to recruit and prepare more trainers as your business grows. In contrast, eLearning allows you to build training materials once and sell them multiple times as part of separate programs and client engagements.
With classroom-based training, it can be difficult to capture the level of data and reporting most training and consulting firms want to gather in order to share the engagement and success metrics of their programs. eLearning solves this problem through the use of technologies that support the capture and reporting of critical program metrics.
Learning Management Systems to Support Corporate Training and Consulting
The core technology that supports all types of eLearning programs, including corporate training, is a Learning Management System, or “LMS”. An LMS is a software application for building, delivering, and tracking eLearning-driven corporate training and consulting engagements.
When you evaluate LMS offerings to support training and revenue-generating activities for your firm, you will have several options available to you.
Cloud v. On-Premises LMS
The first choice you will be faced with is whether to go with an on-premises LMS or a cloud-based system. While an on-premises LMS offers a great deal of customization, it tends to come at a higher price point and may not offer the architecture you will need to dynamically respond to your client needs and a growing demand for eLearning engagements with your company.
On the other hand, a cloud or “SaaS-based” LMS, offered by a third-party vendor, typically offers an architecture that allows you to easily scale your system needs on-demand, without having to deploy any additional hardware or software. And with a SaaS LMS, the vendor handles all of the ongoing management of the system, so your company can focus on selling and delivering your corporate training and consulting expertise.
Multi-tenant v. Single Tenant LMS
The other option you will have is in selecting an architecture for your LMS system. A single tenant LMS provides a deployment approach where the entire software framework and supporting components is dedicated to a single client or engagement. While this approach allows for a great deal of customization, it is not well-suited for the dynamic needs of corporate training and consulting firms who are looking to monetize the use of an LMS through multiple engagements.
A multi-tenant LMS provides an architecture that allows multiple clients to access a single deployment of the application, leveraging multiple instances and shared resources. This approach allows you to quickly “spin up” new instances of the application as you bring on new clients and engagements. And the shared resources approach ensures that upgrades and updates to the LMS are automatically propagated across all instances of the application, thus ensuring that each of your clients is always running the ‘latest and greatest’ version of the system.
LMS Portals: Consulting Partnerships for Corporate Training and Consulting
LMS Portals provides a cloud-based, multi-tenant learning management system that allows our corporate training and consulting partners to launch and manage multiple private eLearning environments (portals) from a single, centralized console. The system allows you to generate new portals on-demand as you bring on new clients and engagements, and each portal offers its own corporate branding, user onboarding, messaging and collaboration tools, analytics, and more.