How To Build A Business Case For A Learning Platform
- 1. The Definitive Guide How To Build A Business Case For A Learning Platform
- 2. What your business case should include and address Justify why you need a learning platform. Present the costs and ROI. Discuss the risks and benefit of using and not using a learning platform. Present a number of options and your recommendation. Support your argument with numbers.
- 3. Tips for your business case The purpose is to convince a decision-maker that your proposition is worthwhile. Keep it brief. Convey the essential information in an interesting way. Talk positively about the future. Hammer home the benefits.
- 4. Justify your need for a learning platform with these statistics
- 5. Cut back on time spent searching for information and drive productivity It was reported that employees spend 1.8 hours searching for information daily. 2012 It’s estimated that an internal knowledge base reduces research time by up to 35% What now? A 2019 survey still placed the figure at around 25% of the average employee's day. 2019 By 2015 it had risen to 2.5 hours. For most people, that’s a third of the working day. 2015
- 6. Developing, engaging and retaining employees Only 29% of employees are “very satisfied” with current career opportunities. Only 29% of organisations claim to have clear L&D plans. The cost of replacing employees sits at around £30,000. Companies with highly engaged workforces are also 21% more profitable 68% of employees say training and development is the company’s most important policy. 76% value career growth opportunities. Source: ClearCompany Sources: Smarp & CIPD Online learning increases retention rates by 25-60%. Employees who feel highly engaged are 87% less likely to leave Source: Corporate Leadership Council Sources: Oxford Economics & Gallup
- 7. Using learning platforms to drive profitability The average employee spends 25% of their working day searching for information. That's 10 hours weekly based on the 40-hour week. With average hourly pay in the UK reported to be £14.80 in 2019, that equates to £148 per week. Say an employee works 42 weeks of the year, that would work out to be £6,216 annually. Studies also show that online learning reduces training time by between 40% and 60% learning platforms to drive profitability.
- 8. Structuring your business case for a learning platform
- 9. Assess the available platforms and options05 The executive summary01 Dive into the specific L&D goals03 Explain why you need a learning platform02 Discuss the competition04 Present your recommended learning platform06 Sell what the platform will help you achieve07 08 The conclusion
- 10. The executive summary Pick out the key points and sell them in a compelling fashion. Treat it as the greatest hits of your business case and aim to convince the decision-makers. For some, this is the only section they’ll read or the influential factor in whether they continue beyond the summary. Write this last, or at least finalise it as your final act.
- 11. Explain why you need a learning platform Establish the context that led you to this point: Have you reached the limit of the current system? Are you limited by not using a learning platform? Link it back to the company’s goal or vision Include any data that supports why this issue needs to be addressed. Try to explain return on investment. Ideally, you should be impartial and factual at this point.
- 12. Will it help you create a more efficient onboarding process that enables joiners to contribute sooner? Do your customer-facing teams need better access to more useful resources? Is knowledge currently being buried in silos where it should be shared? Are you facing an upskill battle when it comes to developing the traits and competencies you need. Could it be the key to addressing poor levels of staff engagement and retention? Set specific L&D goals Explain specific goals a platform will help you achieve. Or think of them as smaller problems or opportunities through which you highlight who will benefit and to what extent.
- 13. The competition If possible, explain how competitors are benefitting from learning platforms. Especially if you can draw on some data. If not, support your argument through insights on a similar company from a related industry. Hard data will trump anecdotal evidence in your business case, so make sure you crunch a few numbers.
- 14. Unleashed your passion for driving a better L&D future through your desired platform. Further explain the risks and benefits of adopting this platform. Outline the project timeline in detail . Highlight when the decision would pay dividends. Discuss who will be involved in its delivery. Your recommended learning platform
- 15. Talk about how it will positively impact return on investment. Focus on how they cut down time to finding for knowledge and increase employee productivity. Discuss creating a culture of learning at the point of need. Cut down the ramp up time for new starters. Combine all of these points and you’re more likely to engage and retain your employees, meaning the cost of staff churn is reduced. Sell what the platform will help you achieve Forget about the features and focus solely on the benefits and value. Such as...
- 16. Assess the available platforms and options Draw up a shortlist of learning platforms. Present the risks and benefits. Discuss costs and implementation timelines for each. Remember, doing nothing is also an option, so it’s important to address the risk and cost of that.
- 17. Conclusion Keep this short and sweet. Summarise why it’s important to address this problem. Reinforce why the plan you’ve proposed is the most effective way of solving it. Confirm your proposed learning platform.
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