ROI of Elucidat: How your investment will pay off
Your employees are your company’s most expensive asset. They’re by far the biggest number on the balance sheet. From saving your L&D team time producing elearning to making sure every minute employees spend doing elearning is time well-spent, Elucidat pays off. Here’s how…
5 key ways your investment in Elucidat pays off
Summary:
- Save time (and thus costs) producing elearning
- Wean off expensive agencies
- Save as you scale up elearning to meet demand
- Increase ROI on your huge LMS investment
- Improved business results from more engaging, people-centered training
And a whole lot more besides!
Read on for more detail…
1. Save time (and thus costs) producing elearning
On average, it takes over 20 hours to produce an elearning course in 88% of enterprise organizations. For 48%, it takes over 60 hours (Brandon Hall Group Benchmarking Study 2020).
Reducing the time it takes to produce an elearning course has a massive impact for L&D teams. For teams producing a high volume of courses over the course of the year, this efficiency can have a huge impact. They’re able to get business-critical content to employees when it’s actually needed, not four weeks later!
Elucidat’s smart workflows, pre-built blueprints and collaborative tools save time producing new courses – and make updating content super fast. In fact, we’ve found that Learning Accelerator makes it 4x faster to produce a course, compared to starting from scratch.
“Elucidat allows us to be more efficient and has provided us with functionality that the other platforms couldn’t – and at a competitive price-point.”
Alexander Brown, L&D Operations Manager at Canopy Growth.
Read Canopy Growth’s customer story.
2. Wean off expensive agencies
There’s a time and a place for elearning agencies (see the pros and cons here), but producing elearning in-house gives you full control and is a massive cost saver. Just one elearning course produced by an agency can cost you the same as a year license for Elucidat (and sometimes far more).
A great authoring tool makes it quick and easy to update content to reflect new regulations, correct a mistake or optimize the experience for increased impact. An agency will charge for any updates – and it could take weeks rather than minutes.
If you still need to use agencies for specific projects, you can specify they use your Elucidat account. That way you have the ability to tweak and update later, if needed.
“We love the way Elucidat allows us to be more directly involved with projects. It’s a tremendous asset to make changes ourselves rather than risk incurring more costs and spending tons of time working through intermediaries to refine and perfect our materials.”
Georgia Axtell-Powell, Online Project Producer at the Open University.
Read the Open University’s customer story.
3. Save as you scale up elearning to meet demand
We support big employers to be more agile in meeting the increasing demand for quality elearning. Our plans have really high user limits, which encourage collaboration without having to spend more on ‘seats’ like other tools.
You can invite expert contributors from across the business into Elucidat to work together on the production of elearning. You can set customizable permissions to control what these contributors can and can’t do within your Elucidat account, so you have total peace of mind. Managing users in Elucidat is also completely flexible. You’re free to reassign seats and invite new users to give you total flexibility of your allowance. It’s easy and barrier-free.
If you have 20 people collaborating in Elucidat, you’d be looking at around $65 per user per month. 20 Articulate 360 seats will set you back around $110 per user per month (based on their website in October 2020).
“We’ve doubled the amount of people making elearning while reducing costs by 50%.”
Sam Taylor, Digital Learning Manager, Tesco.
4. Increase ROI on your huge LMS investment
UberEats is only as good as the restaurants it delivers for. The same is true for elearning delivery. Your LMS or LXP is only as good as the content that goes into it. An LMS without great content won’t have any business impact.
You might spend $150,000 on your initial LMS implementation (and sometimes much more). Making sure that you have the best authoring platform alongside this investment is critical for maximizing the ROI on your huge LMS investment. Otherwise, you’re in danger of having an awesome elearning delivery infrastructure – but nothing worth delivering.
For enterprise customers, we’d advocate using a best in class LMS. But it’s not always needed. Instead of UberEats, you can always collect, eat-in or use a different delivery service. We have customers who use the URL release from Elucidat to distribute elearning through an intranet, elearning portal or via our Learning Launchpad.
Benefit Cosmetics estimated a 69% saving (around $75,000) on LMS costs as a result of using Elucidat URL releases compared to a traditional LMS. This is because many of their learners are third-party staff members, and enrolling them into an LMS would have ramped up their per-seat LMS cost to unaffordable levels.
Read the Benefit Cosmetics customer story.
5. Improved business results from more engaging, people-centered training
Three examples of how producing more engaging people-centered elearning pays off:
- Avoid regulatory fines. 52% of finance employees don’t read or listen to mandatory compliance training in detail. And 44% don’t feel very well equipped to protect themselves or their companies from breaches. Failing to engage them with effective training could lead to huge financial losses for the business.
- Time well spent. In 70% of companies, people spend at least 4 hours per year on product/service knowledge training. In 31% of companies, they spend over 10 hours a year. Of course employees need to spend at least some time away from their everyday duties for training, but what if you could deliver more effective training in less time? The compound effect for big employers is huge.
- Improved business performance. If your elearning isn’t engaging, your learners are not going to pay attention. If they don’t pay any attention, it’s not going to deliver any impact. And if it doesn’t deliver impact, then a lot of time and money has been wasted. Take drugs manufacturing as an example – making sure employees follow correct processes (and helping them improve processes) leads to less wastage in production – directly affecting the bottom line of the business. And, effective product knowledge training for sales reps and providers will improve sales, as Canopy Growth has seen:
“With Health Care Providers, the more they know the more comfortable they are to prescribe medical cannabis. We definitely have seen increases in revenue because of that.” – Alexander Brown, L&D Operations Manager at Canopy Growth. Read Canopy Growth’s story.
Where does Elucidat fit in?
Our platform makes it easy to produce more engaging elearning – faster. A great example of this is the Learning Accelerator blueprints – each one painstakingly researched and based on what works. Each one is 20 minutes or less – many are 5 minutes – encouraging, short, sharp and engaging experiences that deliver impact.
And, the support and coaching we offer is second to none. We care about people-centered elearning and delivering real-life impact. So, we go above and beyond to support you to achieve this through Elucidat. We’re not just a tool – we’re your partners.
“Partnering with Elucidat experts was the best investment SGS could make. It allowed our team to discover the “digital learning designers” in them. The partnership allowed them to create and deliver with speed and increased their confidence to create the next batch of modules!”
Luz Hoyos-Rossier, Global Head of Talent Development.
What’s the cost of inaction?
As well as thinking about the return on investment you’ll get from implementing a new authoring platform, think about the impact of sticking with the status quo.
Will you be able to keep up with increasing demands for online training? Can you adequately address talent mobility challenges by effectively re-skilling your workforce? Will you be able to speed up production of elearning without reducing quality? Will you be able to scale up for global needs without impacting speed?
Talk to us about how your investment in Elucidat will pay off – get in touch today.
