According to a recent study by Technavio, the global market for corporate training is projected to grow by nearly $53 billion over the next four years. This represents a CAGR of 10% is reflects the need for high quality employee training and workforce development in the face of an increasingly complex global work climate and newer, more stringent industry regulations.
As companies of all sizes and from nearly every industry continue to realize that employees are their most important asset, the demand for training has grown. This increasing demand represents a significant revenue opportunity for third-party training and consulting firms as many organizations will look to outsource this critical function.
On the whole, the corporate training market has seen a major shift in the past decade or so as the approach for employee learning and training has shifted from primarily classroom-based delivery to more online, “eLearning” based delivery. The combination of enhanced cloud-based software technologies with increasingly remote workforces (a trend that was underway, even before COVID-19) has paved the way for this cloud software-based approach to training delivery. And the technology that provides the core software for corporate training software is a Learning Management System, or “LMS”.
An LMS for Corporate Training Software
An LMS is a software application that allows for the creation, delivery, and tracking of eLearning programs. The benefits of working with cloud-based corporate training software over classroom-based, in-person training include:
A cloud, software-based approach to corporate training allows you to take trainers and employees off the road, providing for travel and lodging savings. It also eliminates the need to print and distribute training materials.
While classroom-based training can call for a significant lead time between preparation and delivery, a software-based approach enables for quick turnaround of new content and courses, which can be especially important in today’s dynamic work environment.
For learners, a self-paced learning approach offered by LMS software provides for a better learning experience as they can take as much time as they need on each piece of training content. This, of course, can improve learner comprehension and retention rates.
One of the major challenges of classroom-based training is in scaling the delivery of the program as it calls for the hiring and training of additional instructors. LMS software eliminates this need by allowing you to build content and courses once for multiple uses across clients and programs.
Another challenge of classroom-based training is in ensuring that all of your instructors are delivering a consistent and “on point” message. LMS software-based training allows for the use of a single set of training content to ensure consistency and scalable delivery.
LMS Software Delivery Options
As LMS corporate training software has continued to evolve, a new architecture has emerged that can support corporate training needs very well. This alternative architecture, known as “multitenancy”, allows corporate training administrators to leverage a single deployment of an LMS software application across multiple eLearning environments (portals) using shared resources.
This multi-tenant approach is well-suited for corporate training administrators that may need to dynamically launch new portals on-demand to support diverse learning audiences, without the need for acquiring additional hardware or software.
And with multitenancy, new upgrades or updates to the system are automatically propagated across all of your deployed learning environments, thus ensuring that each of your learning audiences is working with the ‘latest and greatest’ version of the LMS software.
LMS Portals: Corporate Training Software
LMS Portals offers a cloud-based, multi-tenant learning management system that provides our clients and partners with a robust LMS software application to support multiple corporate training environments, all from a centralized console. Using our software system, you can quickly launch new learning portals on-demand, and each portal can have its own corporate branding, user onboarding, collaboration tools, analytics, and more.