As the global work environment continues to increase in complexity, there is a growing opportunity for consulting and corporate training organizations to create new revenue streams through outsourced workforce development offerings and programs. In fact, a recent study predicts that the global corporate training market will grow by almost $ 53 billion between the years 2020-2024. This translates to a CAGR of 10% during this period.
In the past, the primary vehicle for delivering corporate training and workforce development programs was through classroom-based, in-person training sessions. In recent years, however, the continued advancement of cloud-based technologies, combined with increasingly remote workforces (accelerated by COVID-19) has led to a preference in online learning, (or “eLearning) as the primary method of training delivery. And the core technology used for the delivery of all types of eLearning programs, including corporate training, is a Learning Management System (LMS).
The Benefits of eLearning for Corporate Training
Any organization looking to create or expand their corporate training revenue streams should consider and eLearning approach, driven and supported by an LMS, to capture the following benefits:
eLearning eliminates the need to hire and teach corporate trainers. It also eliminates travel and lodging expenses as well as the need to print and distribute training materials.
With eLearning, you can build your training content once and then sell and re-purpose it multiple times. This allows for a level of scalability that is not possible with classroom-based training.
While classroom-based programs can require a great deal of time for preparation and scheduling, eLearning allows for fast creation and delivery of training courses and programs, allowing you to monetize your training opportunities more quickly.
One of the challenges of classroom-based training in in ensuring that all your trainers are working with up-to-date materials and delivering an accurate and consistent message. eLearning eliminates this challenge by allowing all your courses to utilize the same set of training content across multiple programs and clients.
LMS Options for Corporate Training Programs
As you consider and plan an eLearning strategy for your corporate training clients, you will have several options available to you in selecting an LMS as the core technology to run your program:
On-Premises v Cloud LMS
While some organizations choose to deploy their own LMS running on-premises, these tend to be larger organizations that have a need for in-house training only. An on-premises LMS is typically not well-suited for supporting multiple clients.
A cloud or “SaaS-based” LMS is often a preferred option as it tends to provide a cost and expansion model that supports third-party corporate training and consulting organizations. And with a cloud-based LMS, the vendor hosts and manages the application for you, so your team can focus on selling and delivering your corporate training offerings.
Single Tenant v. Multi-Tenant LMS
A single tenant LMS is an architecture in which one instance of the application and supporting components is deployed to support one customer. While this model does offer a great deal of flexibility, it typically comes at a very high price and is not well-suited for rapid deployment as new corporate training clients and opportunities arise.
A multi-tenant LMS, on the other hand, is an architecture that allows for the dynamic deployment of new instances of the LMS on-demand. In this model, your clients share application resources, but each has its own instance of the application, with separation and security of its data. A multi-tenant LMS also provides a cost and expansion model that is favorable for third-party corporate training and consulting firms.
LMS Portals: Corporate Training and eLearning Partner Program
LMS Portal offers a cloud-based, multi-tenant learning management system that allows our corporate training and consulting partners to launch and manage multiple, private eLearning environments on-demand. The system provides an administrative console for the centralized management of programs and clients and each eLearning environment (portal) you launch includes its own corporate branding, user onboarding, messaging tools, analytics, and more.