Key factor to consider
In case your organization's learning needs are extremely unique and would not be met by any off-the-shelf LMS, it makes sense to develop the LMS in-house. Do note however, that most LMS providers offer some amount of customization capabilities.
But in case you think your learning needs are not very different from other companies of your type, it would make sense to try out an off the shelf LMS first.
Key factor to consider:
Explanation
This is an area where off the shelf LMS clearly wins. Typically it takes a few days or a couple of weeks to get running with an off-the-shelf LMS. Building your own LMS means factoring all the time it would take for the software project and then getting into the deployment phase.
Note that the readily available LMSs that have been deployed with multiple customers would have already faced and resolved many hurdles that come with live deployment. When you build your own LMS, you will have to spend time on resolving those problems.
Key factor to consider:
Explanation
If you are inclined to build your own LMS, think of Total Cost of Ownership (TCO). It is easy to miss out on the overall costs extended over the lifetime of the product. Do factor in the time of the L&D/training stakeholders who would be providing the requirements and reviewing the project. Also be aware that a large percentage of software projects overrun their budget and schedule (see here for some stats).
Note that LMSs are available in a big price range based on the functionalities they offer. Modern LMSs are cloud based and the vendor companies have developed the software once to serve all their customers. It would not be easy to build an effective LMS cheaper than a comparable one in the market.
Key factor to consider:
Explanation
As technology evolves, you need to continually upgrade the LMS. Also, as you learn from your deployment, you would have new feature requests. So your tech team bandwidth would be required well into the future.
For a cloud based LMS, not only are the technology updates taken care of, but the LMS provider also keeps improving the product as it is their key line of business.
If you would like to have an objective discussion with an expert on whether it makes sense for you to build or buy an LMS, please reach out to hello@nittio.com .
You know that the modules are critical for ensuring employees develop the new skill that your company will be relying on from next month.
One of the biggest benefits of online learning in your company over classroom sessions is that online learning can be continuous, hence enabling reinforcement, application and assessment of the topic. The online medium should theoritically make it extremely easy to do this.
Learning programs that are delivered periodically, with a well defined learning path, guiding your employees to learn, practice, and assess their knowledge.