Building a successful LMS business case
Select the best LMS that is worth your business’s investment
A business case is a written document that contains all the pertinent information required to make the right investment decision. An LMS business case enables you to take the right decision on why purchasing and implementing a learning management system is necessary. Investment in the right LMS is a big decision. You need to prove how an eLearning platform can increase business productivity, reduce cost, and make an online training program effective.
An LMS business case helps when it is crucial to decide on implementing learning technologies in the organization. It also showcases the impact of a decision on opportunity cost, cashflows, ROI, payback period, and more financial metrics. A business case for LMS helps to measure the non-financial effects on the business, such as meeting management objectives and learning goals, unique and engaged learning strategy formation, and more value-added elements.
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Invest in the right LMS that meets your learning needs and deliver an online learning program in a scalable way. Here are elements to consider while preparing the business case for learning management system.
Start an LMS business case with your business goals and figure out how an LMS can help meet those goals and align both of them with LMS features. This mapping out process will make LMS purchasing decisions much clearer. What are your goals?
Define how LMS can meet your goals through its advanced features and tools. Show how new LMS software can speed up learning delivery and make it more accessible to all employees. Along with this, calculate ROI and other performance metrics of LMS.
This is probably the most crucial part of the LMS business case. How much is an LMS going to cost? It would help if you calculated the cost involved like initial cost, maintenance cost, staff cost, and more. Multiple LMS vendors offer different pricing model based on usage volume, numbers of users or active users, licensing, free LMS, and more. The decision on LMS costing must include your organization’s cost drivers and revenue goals.
The business case for the learning management system should answer the question regarding its future business impacts. By answering the following questions, you can forecast the usage of LMS in your organization.
Try to figure out how your competitors are using and benefitting from learning platforms. You can add some data on the same and present it to convince the decision-maker to purchase an LMS for your organization. Research on competition learning strategies and give your clear opinion through insights on a similar company from a related industry.
Prepare the list of best LMS platforms available in the market and find out their pros and cons. Create a shortlist of best-suited options for your organization that can meet all your needs. You have to present some concrete data on cost-benefits, break-even points, implementation process, the risk involved, and more such information to make the right decision. You can also go for a free trial to verify that the software meets the criteria and recommend it to the selection committee based on your experience.
The selection committee takes a final decision on purchasing an LMS. Based on all the information provided in the LMS business case, the decision-maker invests in the best alternative to positively impact investment return. At this stage, you can include the project timeline in detail, resources required, and other installation details.
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You can summarize the LMS business case by addressing problems that might arise in the future and proposed a plan to solve the problem. Try to keep this short and sweet and focus on providing the best possible solutions for the issues.
Paradiso solution is an award-winning LMS provider that offers affordable and user-friendly learning management systems. We offer the best LMS user experience and advanced learning solutions to meet the distinctive learning needs.