“An investment in knowledge pays the best interest.” – Benjamin Franklin.
In a rapidly evolving world, continuous learning has become the best way to adapt to the changes. Educational institutions and corporates are moving away from the traditional brick-and-mortar learning system to faster and more efficient e-learning.
Here are 12 reasons why you should invest in e-learning if you haven't already.
While the initial costs of building a business are always high, the costs involved in setting up an e-learning platform or a learning management system (LMS) is only around $4,000 - $5,000. This is a huge advantage for prospective investors to invest in e-learning.
With a boom in cloud-based learning management systems, there is an overall reduction in costs previously incurred in printing manuals, handouts, training materials, books, references, and other overheads.
At least 26% of companies have already seen a decrease in costs after transitioning to e-learning.
The initial investment in e-learning and the upkeep costs in the long run are minimal, thus giving you profitable returns in terms of career growth.
2. Easily Accessible Digital Content
E-learning has made content easily accessible at a click, delivered through computers, laptops, and smartphones. Students and employees can find high-quality content in the form of written notes, videos, infographics, and other curated information.
Learners get the huge advantage of self-paced learning according to their timetables and convenience. The U.S. self-paced e-learning market is estimated to be worth more than $15.86 billion in 2021.
In light of this fact, more than 77% of U.S. companies have shifted to e-learning and provide online platforms for employee training and development opportunities.
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3. Quick Update of Relevant Content
With e-learning, learners have access to updated and relevant content that may be created or curated from the web. E-learning makes it very easy to combine information from different resources and continuously update this information.
For example, e-link is a feature-rich platform that can save all kinds of digital resources on the go, create resource pages, generate new content, and share it with a wider audience.
4. Easy Information Sharing
With the emergence of e-learning, the sharing of information and resources has never been simpler. This is also one of the top reasons why businesses want to invest in this form of learning.
Acquiring information and data is one part while sharing this information to impart knowledge and train learners better is another. E-learning increases learning participation and facilitates building a centralized resource structure, aids in collaboration, and improves productivity.
Considering this fact, it is significant that 49% of students worldwide stated that they took an online course in the past 12 months
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5. Return on Investment
The rate of return is what attracts most investors and businesses to foray and invest in e-learning.
According to a study conducted by the American Society for Training and Development, when employers spent $1,500/year on employee training through e-learning, profit margins expanded to 24%.
Secondly, for any additional $680 that a company spends, shareholder return rises by 6%.
6. Knowledge Retention
With the ease of accessibility at any given time, e-learning helps in knowledge retention in the long run. Learners find e-learning interactive and aiding in visual memorization and long-term retention, thanks to tools like quizzes and surveys that you can add directly to a course.
They can easily revisit previous classes and concepts and update themselves using the same. In the traditional model of learning, retention rates are as low as 10% while e-learning has increased retention rates up to 60%, Research Institute of America says.
7. Improved Productivity
E-learning, especially in a corporate scenario, aids in improving the productivity of employees. Online courses and training programs are often delivered for short sessions, saving time and reducing absence from work, during these days. Employees become more efficient, better trained, and knowledgeable.
Improvement in terms of productivity has also been observed in students who take up e-learning. 81% of U.S. college students have seen an improvement in their grades since shifting to e-learning.
8. Competitive Edge
Any business will aspire and work towards gaining a competitive edge to benefit itself. In a study conducted by CertifyMe.net, on the effects of e-learning on corporates, it was concluded that 72% of organizations saw an increase in their competitive edge. E-learning has helped such organizations to stay informed with changes in the market and economy.
9. Collaborative Learning
E-learning platforms are hugely successful because they also enable collaborative learning. Document collaboration and knowledge sharing have become an integral part of business work culture and student's learning process.
Bit.ai is one of the smartest document collaboration platforms to create, manage, share, and track knowledge and resources for individuals and teams. E-learning programs enable such teams to work together, co-author documents, track progress, and work efficiently, even while connecting remotely
10. Reduction in Turnover Rates
According to a study conducted by IBM, for a single dollar invested in e-learning and training, there is a $30 increase in productivity. This translates into a quick resumption of work, reduced turnover rates, and application of skills immediately.
Employee development is a necessary feature of e-learning, and organizations usually shy away from it due to the high costs involved. It is important to understand that employee development and turnover rates go hand in hand and it is a key domain to reduce turnover.
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11. Interactive Platform
Interactive e-learning platforms are necessary for efficient learning, and e-learning does exactly the same. Anyone can be a part of discussions, group chats, collaborations, various educational forums, and workshops.
This increases the ability to absorb knowledge from different channels. On the other hand, self-study combined with e-learning is also on the rise, multiplying by multi-folds in recent years.
12. Achieving Organizational & Personal Goals
The convenience of imparting and absorbing knowledge through e-learning platforms helps achieve personal as well as organizational goals. In 2018, 65% of U.S. millennials opted for jobs that provided them with personal and professional development opportunities.
Since 2000, there has been a 900% market growth in e-learning, a 42% increase in revenues, and an 18% increase in employee engagement. These are enough statistics for one to invest in e-learning.
After understanding why one should invest in e-learning, the next question that follows is….
How to Choose an E-Learning Platform
Choosing the right e-learning platform is essential to achieve learning objectives and attain organizational goals. There are many factors involved in choosing the best learning management system. The following are some important points to consider:
1. Identify Organizational Needs
For every organization, the need to invest in e-learning will be different depending on their needs, goals, and outcomes. It is necessary to break down these needs/goals into simpler and clearer tasks. It is important to understand the skill sets of learners - whether they are tech-savvy, the number of learners to be trained, etc., - to choose an e-learning platform that can enable an organization to achieve its goals.
2. Research the Market
Researching and understanding the LMS market is critical before investing in e-learning. There are many e-learning software platforms available on the market. You can narrow down your search to the best one after having a basic understanding of what features you require and how much cost you can afford to bear as an organization. Checking the ratings and reviews are important before making an investment in such platforms.
3. A Self-Hosted Platform for E-Learning
For organizations looking for a one-time investment in an e-learning platform without recurring costs and large overheads, they can opt for a self-hosted e-learning platform. They are often developed by a third party and then deployed on the organization's web server. These can be customized on the go and organizations have complete control over the platform.
4. Third-Party E-Learning Platforms
In contrast to self-hosted e-learning platforms, one can invest in e-learning through third-party applications. These are under the total control of the developer who creates, deploys, and manages the software on their own web server. A cloud-based SaaS is an excellent example.
They entail recurring charges for updates and subscriptions. With third party e-learning platforms, one can rest assured that all kinds of maintenance, updates, and technical aspects will be looked after by the host.
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E-learning has already established itself as the next big thing, with 41.7% of Fortune 500 companies already using it for their online training purposes.
With the entire power of learning in the hands of learners, online platforms have revolutionized the way teaching and learning occur. Not only has it led to profitable businesses but also knowledgeable, efficient employees, and skilled learners who contribute immensely to achieve the goals of the organization as well as themselves.
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