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Over the past few years, with the outbreak of the novel coronavirus and its aftermath, the world has clearly changed a lot. We have conquered the virus, however, it has left behind some new trends such as social distancing, masking up in the crowd, online shopping, and especially remote work culture. Even the education and training fields are also adopting the remote work environment owing to its multiple benefits. Amidst such conditions, Custom Learning Management Systems (LMS) is rising demand in the IT industry.
However, there are many existing traditional LMSs ready to use, but the rising demand for customisation to break the monotony, add and eliminate certain features, and personalised branding is an alert for the LMS development companies to understand LMS even deeper. Therefore, in this blog, today we shall understand a Learning Management System in detail. Also, we shall discuss the key features, benefits, and uses of LMS for a business.
A Learning Management System can be any software like a mobile app, desktop app, or web app that helps facilitate teaching, learning, and training online. However, it does not confine to watching online video lectures and then solving online quizzes. Rather, when the entire classroom procedure including
Every educational and training component goes online through software, then it is called a learning management system. There are a myriad of benefits of an LMS which makes learning and teaching engaging, while also making classroom management easier and free of hassles.
Moodle, Google Classrooms, Canvas LMS, Adobe Learning Manager, and iSpring Learn all are some popular examples of LMS systems.
However, these days, not only educational institutions but also many businesses such as corporates, healthcare institutions, and financial institutions that need to train their employees extensively are also adopting LMS development for their employee onboarding. So, let’s look at some important LMS Key Statistics worldwide to get a clear picture.
LMS Market stats show that the market size of LMS systems is rising at a rapid pace. Moreover, it will continue to grow even further. Apart from the Ed-Tech business, even most of the large MNCs and brands too have adopted LMS to train their employees. Some noteworthy stats about the LMS industry include:
In this way, LMS development can be a lucrative service for your IT business. So, let us find out what type of LMS development can be beneficial for your business.
In 2024, the most trending type of software is customized and personalized software. Ready-to-use software generally lacks the personal branding that puts down the online presence. Also, ready-to-use software products have to be customized for every business as the business scale, user base, and linguistic preferences vary.
Therefore, custom LMS development is trending high and businesses and even educational institutions prefer their own learning management system as per their training modules, user base, scale, syllabus, and linguistic preferences. Furthermore, adding a personal branding touch to the LMS also increases client satisfaction.
Before discussing the key features, we must first look at the Functions that an LMS performs:
The most important function of the Learning Management System is to deliver educational content through live or recorded video sessions, images, PDFs, and presentations. All kinds of training and study material can be uploaded on the LMS.
The learner may access these study materials at a time that suits them. By automating the content delivery, an LMS enables the organization and its trainees or students to teach and learn hassle-free without having to bother other people.
Apart from the content delivery, LMS also allows training session scheduling if providing live classes. Through push notifications, the organization may send alerts and reminders to the learner and to the trainer. It eradicates the chaos and helps execute the classes and training sessions on time without missing a session.
Learning Management Software are also capable of automating the learner’s assessment. The learners might take quizzes and practical examinations on the platform. The LMS calculates the result in a few seconds and produces the assessment report along with valid feedback for the learner.
In this way, the learner gets quick assessment and feedback to improve. Simultaneously, the trainer gets free of the manual and hectic assessment procedures.
Powered by Artificial Intelligence (AI), the Training Management System or Learning Management Systems are also capable of comparing the previous performance of the learner with the current performance. In this way, it helps the learner to understand his/her progress during the tenure.
Additionally, the organization getting the LMS developed can also ask the LMS developer company to integrate leaderboard and scorecard features. It helps the students and learners to know their position among the fellow-learners. However, this feature is not necessary for the corporate training management system. But, Ed-Tech must have this feature in the LMS to keep the students in good competitive spirits.
The LMS also automates the manual attendance procedure and marks learner’s attendance automatically. This eradicates the need for maintaining paper records and heavy registers manually. Moreover, the LMS also calculates the attendance percentage.
In the case of Ed-Tech which requires a minimum attendance percentage to appear in certain examinations, the generation of student admit cards or pass for the examination can also be automated through the LMS.
Be trainer or trainee, an LMS can profile each of the users and track their activities. Usually, the user’s profile has two benefits:
So, an LMS is like a strategic business partner for the owner organization. In the case of a business other than EdTech, the owner can vouchsafe if the trainees are attentive towards the training session and make informed decisions regarding their job roles and utility in the office.
Furthermore, an LMS also helps the trainers and the trainee to interact via chat, call, and video conferencing at a time that suits them. This eliminates the need for creating special groups on WhatsApp, Gmail, and MS Teams. So, Learning Management Software simplifies the communication process.
Backed by AI Chatbots, an LMS also offers 24*7 hours and 366 days of technical support and maintenance. If a student or the trainer faces any sort of software breakdown, troubleshooting, or technical glitch, or wishes to know about any feature of the LMS, he or she can do the same with the help of AI Chatbots.
Moreover, even the certification process is easy in the case of an online learning management system. The LMS is also capable of generating digital certificates online after the successful completion of the course and related assessment.
All in all a Learning Management System automates 90% of the teaching and learning process. Makes learning fun and resourcement. Let us now look at the key features of LMS that an organization must ask the LMS developer to integrate.
As per 2024 trends, an LMS must necessarily have the following features:
When offering custom LMS development services, the software development company must always offer personal branding on the LMS.
As already discussed, user profiling has dual benefits, benefits for the users as well as benefits for the LMS owner organization. Eventually, profile creation and on-time login features must be included in the LMS.
The LMS must also provide classroom scheduling and planning features so that no chaos occurs among the students and the teachers. Moreover, this feature must also have its counter feature which is
What is the point in easy classroom scheduling if you are not able to inform the trainers and the trainees about the same via push notifications? This will help the users stay informed and join the class on time.
No LMS can stay static and the syllabus has to be updated with time. Eventually, the facility to edit, replace, and upload new content on the LMS without interruption is one of the most important features.
To report the learner’s progress systematically and generate feedback reports, data analytics features must also exist on the LMS systems.
To break the monotony and make learning fun, gamification is the key. The LMS must be able to gamify the teaching and learning process via quizzes and competitions. It will keep the learners engaged and the learning will take place faster.
Sometimes, if a student wishes to purchase a study material, or buy a course, then an online payment feature must exist for him/her. Multiple payment options such as credit cards, debit cards, UPI payments etc must be available option.
Clearly, LMS systems have multiple benefits for the trainer and the trainee. However, to sum up, from the discussion we have had so far, we can count on the following benefits:
✓ It automates complex and hectic classroom tasks like attendance management, assessment report generation, class scheduling, student tracking, progress tracking etc. This helps the trainer to focus more on his/her training rather than record keeping.
✓ By automatic class scheduling and push notification alerts, an LMS also helps eradicate any time-table-related chaos among the students.
✓ Students can store all their learning material on their account and access the same as and when required.
✓ LMS systems help continuous evaluation as the student can take quizzes after every session. Eventually, the learning and progress tracking is always on track.
✓ The gamification enhances the engagement of the learners and when they use interactive study material which is visually captivating, they retain what is learnt for a longer period.
✓ Learning Management Systems for Businesses are also a boon for the corporates and their employees (aspiring and existing). It is because, through Learning Management Systems, the new employee training period becomes budget-friendly for both the hiring company and the employee. This way, if an employee fails the training period and the company cannot keep his or her tenure, then termination puts less burden on the employee’s pocket.
So, Training Management Systems are not only for the EdTech. Rather, learning management systems for businesses is also a significant asset. In fact, learning management system has profound benefits for the following business industries:
Clearly, for EdTech organizations LMS is a boon. It automates complex classroom management tasks and helps the EdTech business perform more efficiently and entertain more students personally through the power of AI.
Even in the healthcare sector, the Learning Management System plays a vital role in medical professional training. Training the medical professionals and the surgeons remotely becomes so easy with the help of a proper Learning Management System which is backed by AR and VR technologies.
The banking and Finance sector undergoes rapid updates constantly. Especially, in terms of digital transformation, banking and finance is the only sector that has adapted to the IT tools and embraced them whole-heartedly at the quickest.
In the upcoming future, metaverse in the banking sector, cryptocurrencies, and blockchain are some technologies that the Banking sector will adopt further. Eventually, they are bound to train their employees regularly. A proper LMS can support the banking sector as its backbone.
Furthermore, without a doubt, corporates have to adapt to the LMS systems or any other IT advancements to keep their business going. It is a natural and universal truth. As discussed above in the benefits of LMS, we can say that LMS are useful for both the corporate as well as their employees as they simplify the training process. Moreover, LMS also makes the training sessions more engaging and interactive while also reducing the cost for both employees as well as the company.
How Much Does a Learning Management System Cost?
The Learning Management System Cost depends upon the scale of your user base. The larger the user base, the higher will be the prices. However, on an estimate, the Custom LMS development cost in the UK ranges between £5000 and £25,000 for 200 learners. Under this price range, you can get the best learning management system for your EdTech or any other business.
Other factors that affect the LMS development cost include the features, functions, technology integration (AR/VR/AI etc), and the number of courses. The higher the level of functionalities, the higher the cost. Furthermore, the brand image of the company you are choosing for LMS development will also affect the costs. A bigger brand will also be expensive and a down-to-earth brand will be more pocket-friendly. However, you will have to research diligently to figure out which company provides the right quality at the right prices.
In a nutshell, we can conclude that Learning Management Systems are a boon not only for the EdTech Industry but also for corporates and businesses of varying niches. With the growing trend of remote working, learning, and even shopping settings, platforms that facilitate online interaction between service seekers and providers are in high demand. Furthermore, personalization and branding of digital solutions for businesses is a new growing need among businesses to maintain an unmatched online presence. Eventually, custom LMS development is one of the most demanded services these days, and it will continue to grow even further. So, choose the right custom LMS development company for your business and enjoy remote, yet engaging and interactive training of the employees and save a lot of cost!
All the best for your hunt! Stay connected with us to read more of such informational content! Feel free to ask your doubts in the comments section. We shall solve all your doubts as soon as possible!
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