How Latitude Helps You Measure the Business Impact of Your Training Program

We can all agree that the caliber of training that goes into your network has a direct impact on your business. As such, it is imperative that you provide your partners with resources for success. Their success and confidence in their role will influence your business — for better or worse. 
 
So how are you measuring that impact? What specific targets can we monitor to show that our training programs bring value back to our business? With LatitudeLearning’s Learning Management System (LMS), integrating your metrics and measuring the business impact of your training system is easier than ever. 
 
There are many different areas where you can identify how the time, energy, and resources you devote to training are paying off. Using your current key performance indicators (KPIs) in your training program brings the business and training initiatives together. In doing so, the impact of the training can be measured and evaluated over time based on your KPIs. 
 
LatitudeLearning helps support the metrics that impact your business by integrating your KPIs into the training and using that data to guide training assignments, maintain accreditation, and incent specific business behaviors based on the overall training and established KPI expectations. This is a critical feature that many other LMS platforms aren’t equipped to provide. 
 
In this article, we’ve compiled some of the most significant metrics that LatitudeLearning LMS can use to assess the impact that your training program has on your business. 
 

Cost Savings

  
 
What areas of your network are seeing a reduction in costs? By analyzing the areas that are reducing costs, you can begin to pinpoint where these savings relate back to your training program. 
 

• LatitudeLearning LMS: The use of an LMS has proven to be a significant cost-saver when compared to traditional training methods. An LMS allows new hires to learn the basics at their own pace and walk into hands-on training with a firm understanding of their role. This maximizes the time of your trainers and reduces downtime related to training activities. LatitudeLearning streamlines this process, getting your training program off the ground quickly and efficiently. 
• Retention: Ideally, with a well-structured training program, you tend to see increased retention. Increased retention of network members generates cost savings in training overall. With fewer resources being devoted to training, you have the opportunity to develop your business elsewhere. 
• Fewer Errors: Other areas where you can identify cost savings are in areas of error. Better-trained employees have fewer errors. With fewer errors, you have fewer costs due to correcting these errors. Take the dealership example of service technicians and their FFT (fixed first-time) rates. Better-trained technicians will have higher FFT rates and fewer errors that cause repeat customer visits for repairs or warranty work. 

 

Revenue Growth

  
 
What areas of your network contribute to growing your revenue? How are those areas tied back to your training program? 
 

• Confidence and Customer Service: Confident employees are better at customer service, no question. A well-developed and executed training plan is the key to creating confident employees in your network. When you have a team of confident partners on your side, you can rest assured that your customers are getting the best direction, answers, and information available to them about your products and services.
• Increased Sales: When your sales reps have a solid understanding of your industry, parts, and services, they sell more units. By demonstrating a firm understanding of the products they sell, they gain the confidence of your customers. Knowledgeable reps sell more products every time. 
• Increased NPS (Net Promoter Score): The experience you give your customers in your business boils down to the capability of your network. Having a well-trained team is key to providing a positive customer experience. These positive experiences are the number one way your business will get promoted. Word of mouth is a powerful marketing tool. You have the opportunity to invest in your business’s marketing with every customer that walks through your doors. 

 

Trend Identification

  
 
The unique beauty of Latitude’s LMS is that it allows you to identify trends before they really begin to pose a business impact. With the ability to have early detection to assess the health of your organization, you can see when you need to intervene. What are the ways that intervention can reverse trends that could negatively impact your business? 
 

• Monitoring metrics in your LMS is an essential component of monitoring KPIs and employee performance. LatitudeLearning compiles these metrics into easy-to-read reports, giving you the data you need to plan your next move. With all your information in one system, it’s easy to gain a snapshot of employee performance. This will allow you to make adjustments as necessary.
• LatitudeLearning’s LMS helps to identify when service technicians or sales reps aren’t performing as desired. This information gives you the opportunity to perform a root cause analysis and work to correct the issue. 
• With a solid diagnosis, you can deploy the appropriate training early, before trends become impactful. This type of early intervention can lead to decreased warranty claims and service rework. Decreases in these areas will increase your overall customer satisfaction. These metrics tie your network performance KPIs back to your LMS and training program. 

 

Network Engagement

  
 
As mentioned before, the success of your network is directly related to the capability and confidence of your network members. So how do we measure and maintain engaged network partners? 
 

• A go-to metric for gauging the effectiveness of your training program will always be the engagement of your network. Members of your network who feel a sense of belonging are more prone to speak up when questions are asked. They feel more comfortable offering ideas for improvements or identifying areas of waste. This contributes to your cost savings and revenue growth, as employees are the primary source of input to help make your organization more lean. 
• With an engaged network, organizations can create models to ensure members excel in their roles. You can contribute to this success through training and other external means. By demonstrating the value of training, extended enterprises can offer incentives for network members to maintain the desired levels of training and certification. This will encourage the behaviors that support your defined KPIs. With increased KPIs, you can tie your training program back to your business impacts. 

 
Measuring the success of an extended enterprise will always boil down to the success of its partners and the people that support them. With the help of LatitudeLearning, you can establish solid training foundations with your LMS to keep tabs on measurables and KPIs, and you can trace the success of your business back to the impact of a well-developed training program. 
 
Keeping tabs on your network measurables is key to monitoring the impact of your training program. Other LMS platforms aren’t built to measure these success metrics, but LatitudeLearning understands that this data is crucial to your operation. We offer customizable reports to track the performance of your KPIs and the overall success of your enterprise. 
 
Let LatitudeLearning take the reins on the training program for your network. We can get you on the road to measuring the success of your business with the help of reliable metrics.