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Torch LMS Review: The Business Case for Torch LMS

Torch LMS is a powerful technology solution that will help your business become a high performing “learning organization.” It will make your organization more efficient, increase compliance, reduce risk,  and ultimately drive profitability. This system is not simply a “training system.” Rather, it is a key part of ensuring consistent performance standards that will keep your business competitive.

Torch LMS will reduce your business costs and improve employee engagement.

Reduce Costs

We understand the importance of organizational efficiency and reducing costs. Most organizations are already spending many thousands (or millions) of dollars on tracking compliance, travel costs, instructor fees, and administrative expenses. Our system is designed to help your organization reduce these costs.  If you are already spending money on these things, let us help you cut these down significantly.

One example: If your business is spending $200,000 in annual costs related to compliance and training (including travel costs, administrative cost, opportunity costs, etc.), our system will, at the very least, cut this by more than 75%. Torch LMS is an extremely easy and intuitive way for employees to access required training, quickly, and allow them to get back to work with minimal disruption. Employees can now take assessments and training right from their computer (eliminating time and travel costs). Additionally, the automated features of the system will reduce time-consuming administrative tasks.

Drive Profitability

If your business was fined for non-compliance, how much revenue would you have to generate to recoup the profit lost from this expense?

Torch LMS is designed to track compliance training. Torch LMS will drive more revenue to your bottom line by helping your organization ensure compliance, through powerful reporting features, accountability tools, and easy-to-use delivery methods.

This technology will allow you to rapidly deploy training to make sure that your people know policies/procedures, best practices, and are growing professionally at the speed of your business. In turn, a well-developed workforce will become a huge market differentiator for your organization. It has been said that “The only truly sustainable competitive advantage in the future may be the ability to learn faster than your competition.”

These are examples of tangible benefits. But Torch LMS will also drive numerous intangible benefits. For instance, employer-provided training is one of the strongest predictors of employee engagement and retention. This is especially so when it comes to high performers. Research has consistently found the total replacement costs of losing a high performer is equal 250% of the employee’s annual compensation. It is also very costly to have disengaged employees who don’t give 100%. The return on engaging and developing these people is incalculable.

Torch LMS will help you:

  • Ensure that every employee has taken the applicable compliance training for their position
  • Provide immediate web-based training to new hires who are just starting, getting them to full productivity, without taking up the manager’s time
  • Keep your people up to speed on the latest product knowledge
  • Reduce travel costs, instructor costs, and administrative costs related to training
  • Prepare your future leaders to take on additional responsibility
  • Disseminate best practices, lessons learned, and replicate top performance across your organization
  • Reduce the variance of your customers’ experience with your people, ensuring that you maintain lifetime customers
  • Engage and retain your top performing employees
  • Improve your safety record
  • Measure the impact of your training initiatives
  • And much more!

Benchmarks

  • Nearly 80% of large organizations and 31% of small organizations have a learning management system (LMS).
  • The average first-year investment for an LMS is $275,000, according to a 2009 Bersin & Associates study (the median is $75,000).
  • An ASTD study reports that, on average, companies allot 2.7% of their annual payrolls toward training, averaging nearly $1,000 per employee.

Conclusion

Tracking compliance training can be extremely time-consuming, sometimes costing hundred of thousands of dollars in overhead costs. There is a better way to monitor and report on compliance training.

Our unique technology will help you ensure compliance in an affordable, efficient way. But our system goes well beyond tracking compliance training and testing. It will help increase accountability, establish standards, disseminate best practices and lessons learned, connect experts across the organization, reduce your overhead, and so much more.

Other information systems with similar features cost in the hundreds of thousands. Torch LMS is incredibly powerful, yet affordable—and it is likely that you are already spending significant dollars to perform many of these tasks. Reallocating a fraction of these existing costs may provide huge cost savings and significant returns.