New research from our sister companies, LEO Learning and Watershed, is now building a comprehensive picture of how L&D executives feel about measuring the business impact of learning. This blog takes a look at the key headlines and how you can start your own measurement efforts to get the most out of our learning analytics.
It’s been a question that’s been around for some time now: how can L&D actually measure the business impact your learning is having in order to prove ROI and other business KPIs? Recently, the rise of analytics tools and specifications such as xAPI have given us some pretty good answers to this question. The answer is essentially: use tools to collect data, then analyse it. Simple, right?
NetDimensions Talent Suite is renowned for offering sophisticated talent management solutions for highly-regulated industries, and the new version of the software platform will give customers even more features when it launches in November 2017.
The next step in the continuous development of the software will incorporate Amazon Web Services, the market leader for security, reliability and delivering top-quality learning content, as part of Talent Suite 13.2.
If your organization has used the same Learning Management System (LMS) for a long time, switching to a new system can seem like a daunting prospect, particularly if your workforce is comfortable with your existing LMS. In a new NetDimensions Insight, we’ll show you how to make the change smoothly.
Learning leaders are often held back from enjoying all the benefits of a modern, optimized learning management system, instead finding themselves working with an old LMS which lacks the capability to enable the kind of eLearning which can accelerate organizational success.
Measuring the business impact of learning was a key focus at the NetDimensions EMEA User conference in London in May. According to Fosway’s Learning and Talent Analytics: Practical Strategies to Drive Real Outcomes 2015 Study, 85% of companies say HR Analytics is a medium or high priority. In addition, recent research conducted by LEO found that more than 85% of L&D professionals want to use analytics to improve their learning programs, while over 77% believe that it’s possible to demonstrate learning’s impact. However, L&D departments are still unsure about how to effectively measure the business impact of their learning activities.
Why measuring the business of learning is important
As budgets inside large organizations are decreasing, it’s becoming increasingly important for L&D to demonstrate its impact to top management. We now have the capabilities and the tools to actually analyze the connection between Learning and Development activities, and business performance. According to the Brandon Hall Group’s Learning Analytics 2017 Study, as much as 51.5% of organizations only analyze their learning program’s data annually or on an ad hoc basis. Only 14.4% of organizations continuously analyze their learning program’s data. Organizations need to move away from a snapshot analysis, which quickly becomes outdated over time, to a more sustainable process where big data is used strategically to make business decisions.
The technology to measure the business impact of learning is now available in the market but organizations are struggling to put in place a sustainable strategy to measure and then demonstrate that impact.
In the interview below, Piers Lea, Chief Strategy Officer at NetDimensions’ partner company LEO and Donald H Taylor, Chairman of the Learning and Performance Institute, talk about why measuring the business Impact of learning is important and why L&D managers should begin the journey now.