If learning is indeed a continuous process, then learning management systems are its enablers. Today’s technologies now allow for learning to happen outside the confines of the traditional classroom or training area while keeping learning-related costs low. Learning is now possible regardless of location and time.
Learning management systems are becoming quite popular both in an academic setting or in a business environment. The increasing popularity of distance learning for schools and online training for corporate employees is fueling the demand for more comprehensive and effective LMS.
The following sectors are leading the charge in massive learning management system adoption and deployment.
It is not surprising to see the education industry as the leading market for learning management systems. After all, learning is the sector’s main offering. In the United States, many K-12 school districts are pushing to make major investments in education technology, particularly in learning management systems.
BusinessWire.com reported that in 2019, over 100 school districts from across the country opted to subscribe to an LMS solution to address key issues. These issues include enhancement and alignment of an academic curriculum, improvement of academic performance, and facilitation of professional development of teachers.
A number of teachers and administrators admit they struggle in developing, delivering, and monitoring learning content using a conventional course management system along with traditional methodologies and tools. With the best LMS system, teachers are not only able to provide content but also increase student engagement.
Enhanced student engagement results in a faster learning process and better knowledge retention for students. For teachers, it makes teaching easier and more fun.
ICT (Information and Communications Technology)
Companies in the information and communications technology sector are among the many that benefit so much from learning management systems. These include IT companies, internet service providers, telecommunications operators, and software developers/vendors.
Enterprises that operate in this industry engage in very complex projects that require highly specialized skills and expertise. On top of that, many companies in this particular sector constantly change their best practices, requirements, policies, and standards due to the rapid advances of their technologies (internet, cloud connectivity, software development, and IoT).
It is essential for ICT companies to keep their employees abreast of developments to ensure they are always informed. Also, ICT enterprises have to regularly update and add to their employees’ skills to keep them highly proficient, sharp, and competitive, which positively affects the organization’s overall performance, productivity, and profitability.
The vast majority of companies in the ICT industry create and implement their own training materials, modules, and other content for employee learning and development. A learning management system example for ICT helps enterprises evaluate the effectiveness of their programs as well as gauge the learning performance of their employees, allowing them to map results and make strategic business-critical decisions.
There is no doubt that the retail industry is one of the largest business sectors in the world. But it also suffers from a very high employee turnover rate, a very serious drawback that impedes potential revenue gain for retailers.
According to the US Bureau of Labor Statistics, the average turnover rate for all industries in the United States as of January 2019 is 3.7%. Any number beyond that figure is considered extremely high. The US retail industry is at 4.7%.
Seeking and recruiting potential employees already entails significant expenses. Add to that the costs of hiring, onboarding, and training. Employees are basically an investment. When employees leave, it means the company is losing money.
Human resources experts cite insufficient onboarding programs and the lack of employee learning and development among the biggest reasons why retail employees quit. Most of them feel like they’ve been taken to the deep end ill-equipped to perform their functions. The lack of knowledge, poor quality of training, and unfamiliarity with the company’s culture contribute to the employees’ disillusion and disengagement, prompting them to exit the company prematurely.
The good news is many retail companies are now investing LMS solutions to address these problems. Looking at a learning management system comparison sheet, many LMS software comes with tools designed to help and create customizable onboarding programs as well as learning and development courses for employees.
With a reliable and comprehensive retail LMS, both employers and employees will enjoy the benefits of learning and development. Other useful LMS features that focus on the retail industry are a unified LMS website, product knowledge, sales skills, and industry compliance.
Impacting Other Industries
The implementation of LMS is not limited to education, ICT, and retail sectors. It is also present in other industries including finance, healthcare, manufacturing, government, and logistics, among others.
This is evidenced by the expected huge spike in global LMS market value. A recent MarketsandMarkets study on LMS growth sees the industry booming from $9.12 billion in 2018 to $22.4 billion by 2024. That’s an impressive Compound Annual Growth Rate (CAGR) of 19.6% in just five years.
The increasing popularity of LMS solutions across multiple sectors is a solid indication that learning is indeed constant and vital to the success and growth of any business.