The market size of e-learning is growing at exciting speeds. The market value surpassed $250 billion in 2020, and it is anticipated to grow more than 21% before 2027.This industry-wide shift away from classroom education reflects the perceived and calculated costs of live training courses.<\/p>\n\n\n\n
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<\/figure><\/div>\n\n\n\nYardi Aspire is a training solution that transitions clients to online learning using role-based plans. The customizable program offers savings in four key areas:<\/p>\n\n\n\n
- Personnel<\/strong> This category includes the cost of all people involved in producing the training such as content designers, IT professionals, reviewers and approvers. Aspire software significantly reduces administrative costs through the introduction of technology. The software also allows users to eliminate travel and lodging expenses.<\/li>
- Technology<\/strong> The cost of the e-learning solutions, computers, web conference system, and any other technology involved in conducting the training are included in this category. These costs are the primary reason many companies choose to invest in e-learning.<\/li>
- Content<\/strong> This category includes the cost of content production and the cost of acquiring content from a vendor. By recording an instructor once and delivering the recorded course online, organizations can maximize the use of content and decrease costs associated with instructors.<\/li>
- Administrative<\/strong> Significant time is spent recording training activities, setting up training opportunities, and communicating with trainees and instructors before and after the event. Decreasing administrative costs offers benefits throughout the organization.<\/li><\/ol>\n\n\n\n
Cost savings, line-by-line <\/strong><\/p>\n\n\n\n
What do these savings look like in a real world, real estate example?<\/p>\n\n\n\n
Let\u2019s take a sample client who is in the middle of converting to Yardi Voyager. This client has 150 employees who need to learn about the AR functions in Voyager.<\/p>\n\n\n\n
In this organization, the cost of sending a learner to in-classroom training is about $500 per day. The complete AR course require two days. The cost is multiplied by the amount of attendees per session. The costs continue to grow as the educator must repeat the sessions multiple times for new learners.<\/p>\n\n\n\n
Research conducted by The Chapman Alliance found that it requires an average of 79 hours to produce one hour of Level 1 e-learning content (with Level 1 defined as content pages, text, graphics, perhaps simple audio, perhaps simple video, and test questions).<\/p>\n\n\n\n
Once completed, however, much of the content is evergreen. It can be reused for multiple people in multiple sessions over the course of time.<\/p>\n\n\n\n
Within the first year, the organization experienced a savings of $77,400:<\/p>\n\n\n\n
Descriptions<\/td> Classroom Training<\/td> eLearning<\/td><\/tr> Trainee costs<\/td> $150,000<\/td> $75,000<\/td><\/tr> Course development\/acquisition<\/td> $2,000<\/td> $3,000<\/td><\/tr> Trainer costs<\/td> $1,000<\/td> 0<\/td><\/tr> Food and beverages<\/td> $600<\/td> 0<\/td><\/tr> Equipment and supplies<\/td> $300<\/td> 0<\/td><\/tr> Travel expenses<\/td> $1,000<\/td> 0<\/td><\/tr> Hotel<\/td> $500<\/td> 0<\/td><\/tr> Total<\/td> $155,400<\/td> $78,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n - Technology<\/strong> The cost of the e-learning solutions, computers, web conference system, and any other technology involved in conducting the training are included in this category. These costs are the primary reason many companies choose to invest in e-learning.<\/li>