How to Calculate the Risks and Benefits – Building versus Buying an eLearning Platform
November 30, 2021
Software is at the core of every profitable organization. As the pandemic shutdown businesses worldwide, software aided the transition to remote work in less than 24 hours. Because of software, the remote work model has proven sustainable; employees can communicate from anywhere in the world, manage complex projects across teams, and participate in virtual events. Nearly 80% of small businesses have already invested in SaaS options and are predicted to spend, on average, $260k (USD) on SaaS this year [3]. Midsize companies (101-1,000 employees) are predicted to spend, on average, $2.8M on SaaS, and enterprises (over 1,000 employees) are expected to double that, spending, on average, $4.16M on SaaS this year alone [3]. By the end of this year, Deloitte says that 99% of organizations will be using one or more SaaS solutions [1]. As your organization looks to upskill, train, and develop your workforce virtually, you’re faced with a decision: Do we buy or build our eLearning software?
To remain competitive in an ever-changing world, organizations must be agile and ready to respond to workplace challenges. 42% of organizations believe that everything-as-a-service (XaaS) creates new solutions that allow businesses to thrive in the "new normal" in the post-pandemic world we find ourselves in [5]. The numbers show that 82% of XaaS adopters realize the importance XaaS has in the success of their organization. 41% believe that it maintains employee productivity and engagement, and 31% see a reduction of IT costs [5]. Not only does SaaS result in success for the organization both at an employee level and a financial level, but 70% of CIOs gravitate to cloud-based SaaS for the pure reason that it improves organization agility and overall scalability [3]. Companies dedicated to building eLearning platforms take care of the heavy lifting, allowing your organization to focus on what you do best.
Which is Better? Building or Buying an eLearning Platform
Placing the needs of your organization into the hands of another can be stress-inducing. What if they don't understand our needs? What if they don’t deliver? What if the technology is complicated to use? According to Deloitte, “Rather than take on the risk and cost of buying complex new technologies and hiring rare expertise to deploy and customize solutions, organizations can leverage the investments and know-how of savvy technology companies and get a jump-start on innovating their own products and services” [5]. Building versus buying is never an easy decision for leadership. Buying a SaaS-based eLearning platform may have no upfront costs, whereas building has potential hiring, training, storage, and technology costs. Building a platform can be complicated, and time-consuming whereas buying an eLearning platform from a reputable source ensures that the software is always up-to-date with your own custom content. Purchasing a platform also gives you the confidence that you will have access to the most cutting-edge technology.
Finding the talent and expertise needed to develop and build a platform geared to your organization's specific needs can be difficult. Add to that the risk of purchasing complex new technologies, and it often results in financial strain for businesses. This does not mean that organizations are left to train and teach using outdated techniques. Instead, the exact opposite! By leveraging the expertise and know-how of a best-in-class eLearning provider, your organization can focus on its core strengths. With a comprehensive learning program, your organization can see a 218% higher revenue per employee. By partnering with a software provider, your organization can have a custom-branded eLearning platform with content designed to fit your training needs in less than 24 hours.
Use the following questions to see if your organization is capable and ready to build or to buy an eLearning platform:
1. Upfront Costs
What will it cost our organization to hire the right employees with the expertise to develop an eLearning platform?
Remember to include the cost of hiring, employee salaries, and the time needed to develop the platform. When buying an eLearning platform, there are no institutional costs.
2. Technology and Infrastructure
Do we have the right technology and infrastructure at our organization to support eLearning software?
Modern eLearning platforms use technology, such as artificial intelligence (AI), to create customized learning experiences. This advanced technology engages learners and increases retention. Amesite’s eLearning platform has a retention rate of 100%!
3. Development Time
How long will our in-house team take to develop an eLearning platform?
Typically, building a robust and well-managed platform takes months, if not years. Does your organization have that kind of time to wait? Amesite’s eLearning platform can be developed and delivered to you in less than 24-hours. Time is valuable!
4. Maintenance
How will our organization keep up with routine updates and maintenance?
Software must be continuously updated to remain relevant and provide the best learning experience for your employees. With an eLearning provider like Amesite, you never need to worry about updates and maintenance. You will be confident in knowing that you have the most up-to-date and current technology backing your learning.
5. Relevant Content
Who will create content for our training courses and keep it up to date?
Employees depend on the most relevant content to help them upskill, train, and develop. Amesite creates custom content relevant to your organization’s specific needs. Our eLearning software uses a social media-like format to help learners access custom content in a familiar setting. These mechanisms streamline the learning process and create an engaging Learning Community Environment ™ (LCE).
Amesite creates outstanding learning experiences delivered on its advanced platform, providing an excellent user experience for employees. 69% of organizations plan to increase their software investment in the upcoming fiscal year [5]. Ensure your organization is prepared with eLearning software that will support growth and learning opportunities.
