Category: eLearning

05 Jul 2024
Extended enterprise training LMS vs Traditional LMS

Why is an extended enterprise training LMS better than a traditional LMS?

The LMS is the basic need of every company today when it wants to impart training to its employees. However, there are also different kinds of LMSs, such as conventional and extended enterprise training LMSs. Let’s learn what are the differences between the two:

  • Integration with social media:

The extended enterprise training LMS can be used to track the performance of various users, but this is not possible in the case of a conventional LMS.

So, such a traditional LMS can only generate performance reports for the company’s employees.

A conventional LMS can be used to engage the user with various features like social media because it can be linked with them and can facilitate discussion through chat boxes and social learning. Although such an LMS can be integrated with social media, it requires coding by an expert programmer.

Linking the LMS with social media is not such a big deal with extended enterprise LMS; it is one of the features of such an LMS. Social media provides a lot of advantages to the employees of a company. Through social media, the users can share their achievements with their colleagues. They can display the badges won in games and course completion certificates. The employees can also be given information on social media about any new course on the LMS that the company is to start. When social media is integrated with an LMS, a user can sign on to the LMS through his Facebook, Twitter, or LinkedIn accounts.  The company can even brand the LMS so that its physical appearance is changed as per the company.

A conventional LMS has a simple user interface that is simpler for the employees of a company. However, an external enterprise training LMS. However, this extended enterprise training LMS has a user-customizable interface.

  • Limited reports:

The reports generated through a conventional LMS can’t be customized, unlike an extended enterprise LMS where they can be tailor-made for different user groups. A conventional LMS has restricted customization options. It can only provide course completion tracking for users.

  • Limited access:

You cannot set various user privileges in a traditional LMS for different kinds of learners to train external stakeholders. Since the extended enterprise LMS provides access to third-party stakeholders, it has various security features enabled, like multifactor authentication. This is necessary so that nobody nefarious gets access to the LMS.

The major feature of an extended enterprise training system is role-based access control. This ensures that someone who does not have a relevant role cannot access the LMS. Different stakeholders are given permission to access the LMS based on their responsibilities in the organization. This approach is necessary to safeguard the organization’s data stored in the LMS. 

  • Integration with third-party software:

A conventional LMS also can’t be integrated with external software or linked to advanced software necessary for a company’s operations, such as financial software, which stores data about a company’s transactions.

For large companies, there are better solutions than a conventional LMS. Firstly, it can’t be accessed by external stakeholders. Secondly, it does not have an advanced API, which makes integration with other software impossible. Large companies need to accumulate data about their supply chain in supply chain management software, but it can’t be linked with a conventional LMS. Hence, a company can’t educate its suppliers about its distribution policy through such an LMS.

A manufacturing execution system is also software required by companies to store data about orders. Therefore, it can inform the people on the floor how to carry on the production deadlines depending on the schedule. It leads to a better utilization of a company’s resources. However, a conventional LMS can’t be integrated with it. Moreover, the extended enterprise training LMS can be integrated with external software like the CRM. At the same time, this is not possible for a conventional LMS, which can be integrated with internal software only used by employees. A CRM is a useful tool because it contains interactions with the customers and other details. They can access the extended enterprise LMS based on their user privileges.

Integration with video conferencing tools such as Zoom is also possible. When a meeting is fixed, the LMS sends notifications to the participants. So, teams working from different locations have no problems interacting through this tool at their preferred times.

The extended enterprise training LMS can also be used for HR tracking employees’ completion of their courses. When such an LMS is integrated with HR platforms, it can detect how much skills development has taken place in the company when it checks the performance of employees in the various onboarding courses on such an LMS. It helps them decide which employee is eligible for promotion.

  • Limited content on a conventional LMS:

In the case of an extended enterprise LMS, the user experience is designed for multiple audiences, including external stakeholders. However, this is different from conventional LMS, which has an easy user interface so that the audience can use it. The major focus of a traditional LMS is to train employees about compliance rules, but the extended enterprise training LMS focuses more on articles related to supply chain, manufacturing, and even customer training.

The extended enterprise training LMS is used to sell content to stakeholders such as partners, vendors, and customers, so it’s integrated with payment gateways for financial transactions. It’s used for revenue generation. Hence, the learners can also purchase subscriptions to the content for a limited time. An extended enterprise LMS also has e-commerce facilities so that content can be sold to external learners. However, this functionality is lacking in a conventional LMS.

An extended enterprise LMS is accessible on a smartphone, but this is not true for a conventional LMS. Since access to the traditional LMS is only provided to employees, it has limited content as compared to an extended enterprise LMS.

These are the advantages of an extended enterprise training LMS.

27 Jun 2024
AI in banks

Is AI useful in banks?

A new era has begun for banks due to the invention of AI. They have to train their employees in a new way to make the best out of this change. A lot of financial institutions are using AI now. This has helped them reduce the number of man-hours. They can detect various kinds of nefarious activities like fraud. They can also do the risk assessment for loans and check whether the banking employees are following compliance rules. Chatbots have also come into the picture, which resolves banking inquiries faster than a clerk. The banks have to train their employees to use AI. This requires the cultivation of some skills in employees. This involves teaching them how to write prompts in an AI model. Some protocols can also be followed when AI answers a customer’s problems; it must be scrutinized for revealing confidential information.

Since AI is an intelligent technology, it helps banks to prepare marketing campaigns for prospects.

It does so because it’s adept at segregating customers based on their demographics, including their incomes.

Moreover, customers don’t need to go through the banks anymore to solve their queries. Instead, they can log into the bank’s website so that they get answers. Banks also have virtual assistants that can reveal all the information to customers about their balance; they can provide information about transaction history and whether a certain kind of loan is available. This has alleviated the burden on banking employees.

How does AI do transaction processing?

AI ensures that the scanned documents are converted into digital documents, so it has no problem deciphering them. It can then extract all the relevant information required by banks for loan processing.

AI helps detect abnormalities and fraud; This ensures that it can check a lot of data for signs of fraud. This data includes social media activity also so that AI can provide proper credit scores for customers who don’t have a long credit history. Moreover, AI can help in fraud detection, whether a customer is depositing any amount with incomplete documents. AI can track customers’ behavior, which is essential before granting them credit. Since AI supervises any fraud in real time, it can help banks recognize any anomalous activity. With predictive analytics being a significant feature of AI, it can also predict loan defaults for customers based on their historical data. This way, customers with bad credit scores can be avoided by banks when granting credit.

AI saves customers from fraud: If they are conducting any transaction from an unknown location, it means someone has stolen their credit or debit cards. Hence, it saves customers from fraud because banks are alerted in time, and any withdrawals are stopped. Apart from location, AI can also track the customer’s transaction frequencies. If the transaction frequency is strange for a customer, AI raises suspicion, making banks stop withdrawals or deposits. It can analyze the daily data of banks with machine learning. The bank also monitors the IP address and the type of device used when a transaction happens in Internet banking. If the bank finds anything dubious, it stops the transaction.

Customer onboarding: AI can help in process optimization, which means that all those cumbersome processes that are so time-consuming for banking employees can be handled easily with this technology. It can check the papers of new customers and help in onboarding. Based on their documents, it can find out whether they are fit for account opening. In this case, it ensures that customer waiting times are reduced.

There can be human errors committed when a customer deposits a faulty check into a bank, but this is not a problem with a bank. It can also check checks to know whether they don’t have any wrong signatures and if the payee’s name is correct. The checks can be deposited issued by the customers for the bank and the bank has to debit the amount from them through their accounts. The AI can also check any mutilation marks and alterations on such checks. Moreover, AI can also help banks do more straightforward tasks, such as data entry for any deposits or withdrawals and making sure that there is account reconciliation.

Sometimes, a customer’s internet banking account could be hacked. But AI ensures that he is not able to carry out any transaction. It traces the fraudster’s keystrokes, navigation patterns, and mouse movements. If all these things don’t match those of the original account holder, the bank freezes the account.

Prepares quarterly reports: This technology can also prepare quarterly reports for banks. This can reduce a lot of man-hours for banks. It can take the earning reports of banks and take out critical details. So, AI helps customers do due diligence before granting any loan. It implies that banks are saved from the hassle of analyzing the documents submitted by customers.

That is how AI is useful in the banking industry.

24 Jun 2024
AI training

Why is AI training useful?

Artificial intelligence is changing the way the world is functioning. Today, artificial intelligence (AI) is used in every organization. Even degree-holding employees need to learn AI to do simple tasks in the company. But why do employees have to learn AI? A lot of employees, almost 50% want their companies to impart training in AI.

Companies are under a lot of duress when providing AI training to employees.

The following are the benefits of using AI in a company:

  • Do mundane tasks:

Artificial intelligence is needed to solve the complicated issues. They can provide answers on how to simplify supply chains. With the help of AI, human beings can solve many pestering problems. It’s because AI can be used to evaluate colossal amounts of data. AI can be used to assess every option in a supply chain easily and quickly. AI helps in automation. For example, robotic process automation uses bots to solve easy tasks like data entry because it contains rules-based programs. But when used with AI, it also has an enhanced capability to do tasks that require decision-making.

  • Predictive analytics:

AI can also forecast, considering historical data. Therefore, it can predict when certain actions should be taken, such as maintenance of machines, and control of inventories, meaning when the inventory is going to finish based on sales pattern and hence should be replenished.

For example, it can be used to write, which ensures that human beings can be alleviated from such burdens. They can devote their energies to more innovative tasks. AI helps in automation because it has the power to see the future more than human beings. It’s because AI can use predictive analytics to make better decisions than human beings. Hence, employees should receive AI training.

  • Natural language processing:

AI can also be used for natural language processing, a very useful attribute of this technology. Due to this characteristic, AI chatbots are now used to answer and help customers. It ensures it substitutes human beings who can’t be always available. AI can understand the questions posed by customers due to natural language processing and answer them due to certain keywords in questions.

AI is helping businesses shape their future. But it can’t understand human emotions. This quality is necessary for managing people and providing customer service. If a company continues to ignore soft skills training, then the business could suffer in terms of lack of customer and employee satisfaction. Therefore, an organization has to provide both soft and technical skills training.

How can a company implement AI?

  • Find use cases:

There are certain processes in every business unit to which a company should devote its energy. Some tasks are repetitive and can be done by machines too. But organizations must see to it that every task can’t be automated. Hence, employee feedback should be taken regarding which tasks should be automated and which not. Businesses are applying AI to make their decisions, but somewhere, this eagerness is slowed down by a lack of confidence in AI by non-tech companies.

There can be specific use cases whether AI should be used or not. This technology can be used to make very complex decisions. For example, AI can help organizations in deciding whether a certain source should be used for buying. Such decisions have to be taken by supply change managers and can be used by companies to provide time to frontline employees. For this, employees should be given AI training. However, companies that don’t train their employees have less efficiency and less employee productivity.

  • Find enthusiastic employees:

Companies require employees who know how to implement this technology.

A company, when preparing its employees for AI, should explain to them how adopting this technology will change their professional lives. There are some people in every business unit who are ready to adapt to a new technology faster than others. Such people should be recognized and asked to encourage their peers to acknowledge the automation processes. They can also be asked to detect the procedures that can be automated in their business unit on a long-term business.

How can AI be used in every industry?

  • Retail:

 A lot of tasks can be streamlined with AI. For example, stocking is an important task. AI can check the sale of products, and when a product is over, it can let employees know about it. It mitigates guesswork so that employees know which items should be kept ahead in the merchandising display. It’s because some items sell more quickly than others. When AI can streamline the merchandising tasks for the employees, they can put their attention to the clients in shops.

  • Healthcare:

AI can also help the frontline workers in the healthcare industry. This is because they handle the routine tasks, making sure employees can focus their energies on taking care of patients. They can check whether the doctors are doing their jobs correctly, i.e., whether the diagnostic jobs have been done accurately. They can also analyze large volumes of data for the doctor. If employees have a problem with it, AI can even answer that and make sure that work happens smoothly. Sometimes employees are not familiar with a foreign language, but AI can produce discharge receipts in every language to help them.

The AI can be pretty useful in the insurance industry. It can help in solving simpler claims. It’s because AI can help them store any interaction data in a database so that employees can use it when required. When the AI stores all the data, the customer service representatives find it easier to talk to the customers based on prior interactions.

  • Hospitality:

AI can help in the hospitality industry also. It can ensure that the guests have the best experience possible because it recommends rooms for them based on their previous history. It can also write responses to guest reviews on websites so that employees don’t waste time.

So, AI training today is useful for every industry.

17 Jun 2024
LMS

Why is an LMS so necessary for a company?

Companies these days need the LMS to impart training. Whenever a company thinks of changing to a new LMS, it must be aware of its benefits. The LMS provides a centralized location for a company to store its documents. The employees don’t waste much time looking for the right tutorials for procedures. When the company has LMS, employees benefit from it because they can access it 24/7 on a mobile phone. Since they can download the material, they can browse it without an internet connection. These are the benefits of having an LMS in a company:

  • Automatic mailing:

Automatic email sending is a useful characteristic of an LMS because an HR can’t send emails to all employees if the company has a large workforce. An LMS reduces the manual work for HR, so he just has to mark the events in the LMS’s built-in calendar to schedule event emails like birthdays or submission of an assignment.

Because once the employees have been categorized into groups, they can be sent relevant emails. For example, HR does not need to send welcome emails to freshers manually.

It’s a useful quality of an LMS in that it can send automatic emails once meetings are scheduled.

It’s necessary for employees who can benefit from online meetings. The LMS notifies the employees about everything, such as the deadline for assignments for employees from a certain department.

  • Upskilling of employees:

With the world progressing at such a fast pace, the employees don’t want to be left behind and want to upgrade their skills at any cost. Hence, when a company invests in their professional development, they feel loyal to the company because it’s investing in them. Pursuing such courses also makes them confident in doing their jobs. A company can upload a plethora of courses on the LMS related to soft skills, leadership, and public speaking skills. All these courses ensure that the employees can unleash a new side to their personalities in the company. When the need arises, employees can enrol themselves in any course of their choice.

  • Variety of content:

Employees also benefit from an LMS because it has interactive courses uploaded. An LMS can now have any content uploaded, like video lectures, presentations, and podcasts. It becomes easier for the learners to learn in any format they find feasible. When the learners have so many methods of learning before them, they can get the best of training. There is also a feedback mechanism included in an LMS, through which they can ask the instructors about a relevant topic if they find it confusing. If they see a course to be excellent, they can also add stars and comments in the course feedback to their liking. This way, an instructor knows how he can improve the course. An LMS also has scope for gaming templates, which ensures that the learners have maximum engagement when they have the possibility of winning a badge.

  • Progress tracking:

LMS helps in tracking the progress of a learner, whether he is completing the modules or not. If the training managers don’t have any LMS, they can’t change the modules based on the response. Also, it’s important to gauge whether the learners have completed a certain module because it’s mandatory to do so as per the compliance training regulations. But without an LMS, you can’t check the learner’s pace whether he has finished browsing a module or not, and this can cause compliance-related problems when the audit is done, and evidence is required that the module was studied.

LMSs offer reports about the progress of the employees, how much time they have taken to study the course, and whether they have been able to finish the assignment or not. If employees are spending more time finishing a quiz, this means that it needs improvement. An LMS has a complete record of an employee’s certificates, so you can show them to the compliance audit authorities if the need arises. Also, if an employee’s certificate needs renewal because a course is no longer valid, he will have to pursue a new course. A company can track how many employees have compliance training certificates completely so that those who lack them can be helped in the course. When an LMS administrator gets insight into the way the learners are using the content, the company can get an estimate of the ROI on the LMS. They can also make decisions about the future, whether to invest more money or not. Moreover, if learners are unable to clear assessments and find problems with the content, it implies the managers have underestimated their skill gaps.

  • Quick learning:

Social learning is also possible through an LMS. This implies that the learners can discuss their problems with the trainer through discussion forums, which can be added to an LMS. They can also talk to their colleagues about problems they are facing in a topic. When they get the correct response to their issues from either colleagues/trainers, they not only get respite from their problems but also learn in a better way. The LMS has the biggest advantage in that it does not require learners to travel to the place of training and the company to arrange accommodation for them. More employees can also be added to the LMS, by enrolling them for it, rather than them traveling to get training.

Conclusion:

An LMS is an inevitable tool for imparting training. It can be used for onboarding when employees are trained in company culture. It can also be used to upskill employees. It is used for compliance training so that employees are trained in new rules.

07 Jun 2024
sales training

How can sales be eased with a CRM?

Sales training is an essential component of every company’s strategy today. The CRM contains integrated information about a customer that has been collected from the website contact forms and social media marketing. Hence, the sales teams have all the knowledge about the customers and don’t have any trouble dealing with them. Once the customers’ email ID is entered into the CRM, it can be used to send emails to them. The marketing process gets automated because CRMs can be integrated with mass emailing platforms.  CRM has three types: operational, collaborative, and analytical.

  • Operational CRMs:

Operational CRMs are used for sales automation. Hence, sales training must teach how to use them.

This CRM is used to handle day-to-day tasks done by the sales force. These tasks include marketing, i.e., getting in touch with prospective customers. Even customer service operations, including handling complaints, are stored in the CRM.  Sales automation is used to reduce human manual labor.

Whenever a deal is signed between a company and its customer, sales automation ensures that all the details of the invoice are stored in the customer’s records. Also, such a CRM helps in workflow automation, which implies that they are done if quotes need to be sent to the customer to make sales. This kind of data recording, when it is done automatically, helps in sales because human tasks are reduced, and they can focus on canvassing customers.  The sales reps spend very little time selling; the rest of their time is spent doing data entry jobs, which implies putting data into the CRM.

This kind of customer relationship management software is important for sales automation because it organizes all the information related to a deal. The CRM modifies the data per the new information, like when you meet with the customer, the latest prices, and any changed contact records. This kind of software also integrates data into different types of software so that the sales rep doesn’t face any problems. It’s also helpful because if the information is changed in one software, it gets changed in all the others, too. No information is missed when being updated across all platforms.

CRM also helps analyze sales calls with the help of AI and can aid managers in taking further steps. Since the data is automatically stored in the CRM, it helps the sales leaders predict how much sales will happen. Such forecasts help present figures to the senior management in reviews. Sales leaders also benefit from accurate sales data.

  • Collaborative CRMs:

Collaborative CRMs are used for other purposes, which involve customer information given to different departments, including Operations. Since a CRM is all about sales, a collaborative CRM also helps a company in increasing communication with vendors. It can place orders on time when goods are short in supply. 

Collaborative CRMs are used for storing documents related to a customer, like invoices, etc. When the sales force gets into trouble with customers, such documents can be used for tackling such issues with them.

Since all the customer documents are stored in one place, they can be used to manage customers irrespective of the medium used, whether email or phone. Collaborative CRMs are used to chat with the members of the sales force. They can also assign various tasks to the leads, like talking to them on the phone to sales force members.

It helps a salesperson to a large extent. Interaction tracking is an essential feature of collaborative CRMs. It can help companies store customer interaction through phone, chat messengers, or emails. This CRM can also help in composing sales pitches. This happens because it stores all the keywords used in a conversation between a sales rep and a customer. When the managers set some characteristics in the CRM that must be checked, it is done, like which keywords indicate that a customer has an objection to the price of an item such as expensive. Future customers might even use keywords such as mentioning a competitor’s name, which must be considered. Consequently, the CRM analyzes and writes the consecutive sales pitch accordingly.

  • Analytical CRMs:

Such analytical CRMs can also judge a company’s marketing efforts.  The analytical CRMs give the marketing team insight into which good leads are and which can be reversed. When the managers have all the information about the leads, they can make decisions accordingly.

Analytical CRMs are very useful for checking whether a company’s marketing campaigns are working. Sometimes, the campaign might not be as effective as the company thought it would be and may not garner the desired click-through rates. Through the dashboard of such CRMs, companies can check customer behavior and whether they are opening a campaign.

Analytical CRMs assess the customer data collected from the website forms and emails. Hence, this data can be evaluated through such CRMs.Analytical CRMs collate a person’s data in a centralized repository.

When the customers’ data from various sources is in a warehouse, it can be worked upon easily due to sales training.

Analytical CRMs are very useful for an organization. The customers, based on their characteristics, such as income, can be segregated into different profiles. Then, marketing strategies can be created for them. This kind of customer profiling helps create marketing strategies for them.

These CRMs can also predict whether forecasted sales will happen or not. When the trigger has been set by the sales leaders, like a single deal that has not been closed for ten days in the final stage, an alert will be generated that the sales leaders need to intrude into the deal and help close it.

Our CRM training prepares a guy for sales. He can conduct sales expeditiously when the information is stored for him, and a sales pitch is given.