Proving LMS ROI: Is an LMS a Worthy Investment?
In these days of online learning, many people will tell you that an LMS is vital. Some will tell you that updating the one you have is a necessity. But is an LMS a worthy investment? How do you go about proving LMS ROI (rate of investment)? Let’s explore this.
What Is an LMS?
A learning management system (LMS) is a platform that provides three key features: learning, management, and automation. You can use an LMS to create training materials and online courses. You can use it to manage your students, yourself, and your courses. Lastly, an LMS is a computer system that automates report preparation, statistic processing, grading, and other tedious processes that you don’t have to do it. In other words, an LMS is a learning platform that gives your students access and evaluates your students.
How Do You Measure the ROI of Your LMS?
We all know that there are things to consider when choosing a learning management system. One of those things is more vital than the others. This is the LMS ROI.
There are several things to ask yourself in order to measure the LMS ROI. Here are a few:
- Will the LMS improve learner experience (will the teaching impact them more and boost retention)?
- Will it help your school to fulfill its mission or reach its vision (impact and reach are typically a vital component to these)?
- Will the new LMS enhance the potential revenue of your products?
- Will it help you to create and deliver new products?
- Will it help you to save money in other areas (remember, an LMS is also about efficiency, and this saves money in the long run)?
- Will a new LMS increase your value in your members’ eyes (will a new LMS offer segments that they are not getting or could be getting “better”)?
- Will it increase your membership by attracting new students?
If the new LMS will help your current students, bring in more students, provide an avenue for increasing profitability, save you money, and increase your value in the eyes of your members, your competitors, and other potential learners, the ROI is high.
Which Are the Best Learning Management Systems?
There are many learning management systems out there, but which are the best? Here are a few good finds.
Looop gives you an LMS that takes the cake in speed, quality, and scale. It looks like and runs like a website by removing all of the redundancies. This LMS is the favorite of major companies like Sky and ASOS.
$299 per month (50 users)
Adobe Captivate Prime
This LMS not only offers the all-in-one experience for total control over the eLearning, but Adobe Captivate Prime also comes complete with an AI-based Social Learning mechanism. This mechanism enables those in the same peer group to learn from each other.
$4 per month per user
JoomlaLMS is highly customizable, so you can change it up to fit any brand. Not only that, but it has a multi-language interface. It also offers group management, several built-in user groups, and multiple roles.
Starts at $37 per month
With all of these options, many of which have a free trial period, take the time to try each out and see which LMS works best for you!