In the education industry, especially online learning, LMS stands for Learning Management System, which refers to an application with the main function of keeping track of training data, learners’ learning results, and delivering virtual lessons.
Regardless of its origin from the education sector, LMS is now reaching out to more and more people in other facets of the working world.
1. The corporate world: In-house training & saving money
When in-class training for staff is not possible due to external factor, i.e. the Covid-19 pandemic, the physical distance, etc., e-learning and LMS become the virtual classroom for companies to deliver their onboarding and on-the-job training programs to company staff.
Some figures can clearly prove LMS plays a big part in saving company budgets.
IBM has saved nearly US$200 million after turning their training programs to e-learning.
More than 40% of Fortune 500 companies have deployed e-learning methodology for staff training.
2. LMS and e-learning have been estimated as a 100-billion-dollar industry.
The individual educator: Monetizing LMS
Educators and trainers have started to use LMS as the new platform to “sell” their courses and make money. Why ?
With an LMS, they can reach out to their learners globally. Whether it is a video-based lesson, or an e-learning lesson with interactivity, getting lessons delivered through an internet-based system have been the top choice of not only individual teachers, tutors, but also big universities in the world.
While LMS cannot be a complete replacement for physical classrooms, its integral role in the modern training & learning process has been taken seriously by both the education world and the corporate world.
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