How a Learning Management System can help the BFSI industry tackle its top 5 training Challenges
How a Learning Management System can help the BFSI industry tackle its top 5 training Challenges It has been more than a decade since the Global Financial crisis crippled the Financial Industry. As a result, the need for regulatory compliance in the industry has taken unprecedented importance. Financial Institutions today face the daunting task of balancing regulatory compliance across global locations with employee engagement. Technological advancements can help the Financial Industry tackle this situation to their advantage. One such tool is a state-of-the art Learning Management System, such as CALF™. Listed below are the top 5 benefits that a world-class Learning Management System can offer: Adherence to Internal and regulatory standards Modern Learning Management Systems can offer an institution the flexibility to design and deploy content to targeted users. One example could be of a multi-national institution that would require to adhere to multiple regulations. A well designed Learning Management System can help the institution tackle this problem efficiently and help adherence to the multiple regulations coupled with the ease of operations for the team deploying such content Availability of training material on the go It is estimated that millennials have their mobile phones accessible for 70% of their waking time. When we combine these kind of statistics with the rising number of millennials in the work force, the need for training being made available on the go doesn’t need any further validation. A modern Learning Management System will ensure that the content, created painstakingly by the learning and development team, is made available to the users on the go. Engaging the learner Studies in the learning and development space have clearly shown that the effectiveness of training is largely dependent on how engaged the learner is with the content that is being made available. Hence, initial solutions were designed around digitisation of content, however this too did not seem to solve the issue. A contemporary solution has been found in the use of SCORM, a standard in the learning industry. A modern Learning Management System will be able to support this requirement to ensure user engagement and also give detailed reports on the engagement of the user. Measuring Training effectiveness In spite of the rapid rise in the need for engaged and accelerated learning, the quantification of the training effectiveness remains a challenge at large. A modern Learning Management System can help the Learning and development team to measure the effectiveness of all its training initiatives across courses, groups, locations, regions, departments etc. MIS Last but not the least is the capability of a Modern Learning Management System in effectively creating reports for the Learning and Development team that could result in effective learning interventions. A modern Learning Management System can also assist the institution is creating customised reports to have key information handy for regulatory reporting as well. Explore our thought leadership Similar articles on learning management Top 10 Must-Have Features You Should Look for in Your July 26, 2021 Top 10 features LMS Read more What is Learning Acceleration – 2019? Today, we see a August 2, 2021 Acceleration learning | Feature-2 | Featured post Read more 10 Key aspects to look in a Learning Management System August 3, 2021 10 key aspects-2019 | Feature-3 Read more
Training Company demonstrates ROI of Leadership Programs using CALF(TM)–
A leading training company specializing in delivering world class leadership programs found it difficult to monitor, track and demonstrate the ROI of its leadership programs to its clients. They tried projects, pen and paper techniques to calculate the benefits, but found it difficult and cumbersome. Solution NuVeda recommended the use of their world class learning platform, CALF™, NuVeda’s flagship product to demonstrate business impact and calculate ROI. CALF™ provided many benefits, including the automation of the Kirkpatrick Model workflow during course creation, tracking behavior through Learning Application Posts (LAPs), Manager Approvals of benefits, and finally, the overall business impact calculation. In addition, automated reminders and notifications to participants and managers made the management and administration very easy. Benefits A consolidated report of revenue, cost reduction, productivity and customer satisfaction was demonstrated to their end client, and enabled repeat business for the training company. In particular, for one automotive client, they were able to demonstrate the following benefits: 20% increase in revenue Increase in productivity by reduction of 16,000 man hours 30% Cost reduction during painting by reduction of lead time from 3 days to 1 hour Testimonials “CALF™ provided all the required features to measure learning and track performance improvement. Moreover, our participants found the user-interface friendly and easy to navigate. CALF™ has proven itself to be an effective sales tool.” Director, Training Company Explore our thought leadership Similar articles on learning management
Are your teams competitive enough in today’s world?
Are your teams competitive enough in today’s world? Most organizations spend considerable sums of money training their sales teams and leadership teams , for good reasons. They want them to stay competitive and successful. More importantly, such teams need to be learning continuously to stay competitive. Therefore, a key question arises: How do we know that such teams are learning continuously? As a Learning company, NuVeda is committed to learning always for its own benefit and for the benefit of its customers as well. To understand organizational learning better, we came up with a diagnostic that measures the learning of an organization across 3 dimensions: a) the organization as a whole; b) the teams in the organization, and c) the individual. There were three basic outcomes of this effort 1) We were able to capture a Learning Culture Metric (LCM) for our organization. This is a number between 1 and 10, and allows you to benchmark with other organizations or teams within a company. If you are interested in finding out the LCM for your organization, please contact us here. 2) We discovered that in order to increase the LCM by 10% we had to do a considerable amount of work across multiple dimensions. 3) We realized that we need a more continuous way of growing learning in our company, and created a unique social learning ecosystem called GOL that has the following traits: Learning, Accountability, Excellence, Feedback Culture, Recognition and Data Centricity, all tied to a Gamified Leaderboard. We tried it, and within 3 weeks, we saw learning increase multi-fold across diverse topics. For example, our teams shared learning across multiple disciplines: sales, technology, health and wellness, planning, software development practices and more. We were able to identify how our teams learn, the breadth and depth of learning, as well as identify team members who are learning accelerators and facilitators. If GOL is of interest to you, please contact us here. We are now accepting the first 10 companies who wish to engage in a pilot with us. (1) – The sales training market is estimated to be in excess of $2.5B worldwide. Source: Training Industry Reports. Explore our thought leadership Similar articles on learning management 10 Key aspects to look in a Learning Management System August 3, 2021 10 key aspects-2019 | Feature-3 Read more The Google of Learning – Part I Dr. Balasubramanian Krishnan August 1, 2021 Feature-1 | google of learning Read more The Google of Learning – Part III Dr. Balasubramanian Krishnan July 26, 2021 google learning3 Read more
