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E-Learning: Return On Investment (ROI)
When your organization decides to invest in an E-Learning Solution, during the process discovery, a performance measure is used to evaluate the efficiency of the investment.
Your organization likely already has training practices in-place. If this is the case, a cost benefit analysis is used to compare the efficiency of your current practices vs. organizational practices that could be in place with a fully customized, integrated training solution.
A successful software implementation of this kind should aim to:
Enhance the quality of training
Provide competitive advantage
Reduce recruiting, training, and administrative burdens
Integrate with existing I.T. infrastructure
Be fully scalable, allowing for large number of trainees and other system users
Remain cost effective with a realistic approach to showing return on investment
Provide new sales opportunities for the implanting organization
Figure 1-1 Illustrates the beginning of Process Discovery
The result of the process discovery and cost benefit analysis will result
in the figures used for your organizations return on investment.
Here is an example:
Offline Process Costs Total: $ 243,000 per year (Hard and Soft Costs)
Online Process Costs Total: $ 26,000 per year (Hard and Soft Costs)
Savings with Integrated Training Enterprise Solution: $ 217,000 per year
From this process a realistic insight is gained into your organization's ROI.
Figure 1-2 Return On Investment (ROI) Equation
There can be many factors at play when calculating ROI. Through thorough process analysis, it is possible to effectively understand how to increase overall efficiency of the organization by customizing the implementation to be tailored to the organizations needs. The discovery process is necessary to truly understand how technology can improve each process in as many areas as possible.
Did you know? An E-Learning Solution is a capital investment. Therefore, the cost can be amortized over several years.
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