According to Wikipedia, a Learning Management System is a software application for the administration, documentation, tracking, reporting, automation and delivery of educational courses, training programs, or learning and development programs. Simply put, it is a software used for facilitating e-learning. LMS software can be used by organization for training employees or by schools, colleges or any other educational institute to facilitate learning. LMS has been steadily growing in market cap and user it has reached so far. Partly fueled by the growth of digital learning and adoption of mobile learning in the last decade to the latest Artificial Intelligence (AI) and Machine Learning (ML) interventions, the LMS has, over the years, evolved to become a major part of organizations and their training strategies.
The ongoing pandemic has forced many activities to be conducted online. From big institutions to small coaching centers all are trying to adopt some kind of LMS for providing the best possible learning experience in remote scenarios. According to Valuates Report of 2019, the market size of Online LMS is expected grow from 9.46 billion USD to 29.9 billion USD by 2025. In this blog, we will look at hsitory of LMS, some of the leading LMS software and some market disruptors in LMS which aim to help home tutors and.
For more than a year many educational institutes are operating online. This has increased the demand for online management system drastically. These LMS can be categorized in two broad types by usage – used by an organization (like university, schools, coaching institutes) and used by individuals or small groups of educators. According to Valuates Report of 2019, the market size of Online LMS is expected grow from 9.46 billion USD to 29.9 billion USD by 2025. With the ongoing pandemic and classes shifting to online mode, this prediction might come true much early.
Some of the key players of LMS for organizations are –
- Adobe Systems
- Latitude Learning LMS
A research has also pointed out that many students might prefer online learning management systems over in person classes. There can be various reasons for it like – flexible schedule , on demand classes, course not offered remotely etc. the following graph shows main reason for students preferring e-learning using LMS more than ever.
Brief History of LMS
PLATO was a computer-based training program which facilitated self-paced learning, allowing learners to monitor their own learning progress. However, what set PLATO apart was that it gave the learning community its first taste of social/collaborative learning. Thanks to its host of networks, learners could interact with other learners using instant chat/messaging, email, and chat rooms. Another ambitious LMS software was MIT’s project Athena it enabled students and professors alike to upload and access their studying materials from anywhere on the campus.
The first open-source LMS, Moodle (Modular Object-Oriented Dynamic Learning Environment) was introduced. With Moodle, learners could start learning as soon as they downloaded the application onto their desktops. Personalized learning was made possible by letting learners choose the content they wished to store or export. Moodle’s plug-and-play functionality meant that training content could be delivered to the learner faster and at less cost. In fact Moodle is still used by many universities and colleges to take online assessments and quizzes.
The online learning management systems have been added to with many features making it suitable for modern learners of today. Some of the key changes in these softwares are –
- Deliver wide variety of materials to learn from, which contains not only textual materials but also videos to further enhance learning experience.
- Make online learning more compitive by introduction of games, leader boards, badges etc.
- Discussion forums where students can discuss their doubts to gain better understanding of the concerned topics
- Showing visualizers like graphs, colormaps to show learners their progress on a given course.
Best LMS software
– Adobe Systems
It is one of the industry favorite LMS for on boarding by many big companies. Some companies which use LMS are – Domino’s, GE Healthcare, Dassault Systems, Publicis Groupem, Adobe etc. It can be used for Extended enterprise and partner training to upgrade skills and drive effectiveness for partner organizations. It can also be used for customer education and sales ennoblement. It has been ranked in top 10 of many LMS surveys. Its pricing is around $4 USD per user per year. Discounts are applied on increase in volume.
– Talent LMS
With about 70,000+ teams using this LMS, it provides for an all-in-one solution for business looking to build training programs that will make their teams more efficient. It also provides “forever free” accounts, obviously with limited capabilities. It provides with features such as setting up training without manuals, always available on cloud training. It is good for organizations with budget constraints as well. Talent LMS has gained ground as the easiest-to-use, most cost-effective solution.
SAP litmos Training is another award winning LMS that can be implemented as a standalone solution or in combination with a robust course library. It provides free trial accounts and have a lof of features which helps in rapid deployment and integration, task automation, online course builder and content management, tracking and reporting etc. It is easily extended to customers and partners as well, providing the ideal learning solution for the extended enterprise. Similar to adobe pricing it starts with $4 USD per month.
This LMS combines instructional tools, assessments, collaborative features, discussion forums and advanced analytic to deliver best learning experience. This is highly suited for educational institutes like schools and colleges. Within the system, teachers can develop and distribute course materials, facilitate discussions, assign tests and quizzes, and even give parents visibility into their child’s progress. Teacher can also leverage community features which enables teachers to discuss among themselves. This software can be accessed on mobile apps as well as a website, which makes it even more reachable to learners and educators.
Schoology provides basic accounts for instructors and enterprise accounts for schools and colleges.
LMS specifically for individuals and private tutors
Tough private tutors can use a host of free apps like zoom, google meet, Skype (to video conference with students) and emails, whatsapp, telegram etc. for sharing notes. There are few specialized software which aim at providing best possible experience for tutor as well as the student. They enable students to learn comfortably and conveniently and also increase reach of tutors from being restricted to a city to being able to teach anyone with an internet access. This section takes a look at some widely used mobile friendly LMS targeted specifically at serving private tutors needs.
– Tutor room
Tutor room offers for full management system as well as more basic virtual classroom and LMS (learning management system). The backend system is where you sign in and enables you to create tutor or student accounts, schedule classes, and upload lessons. Tutor room is great as it is easy and free to create an account and its system uploads up to 20 Mbs lessons in many formats.
Tutorplace is considered a very convenient tutoring management system. The system provides online tutoring services in accounting, economics, chemistry, math, biology, physics and English. You can connect to Tutorplace tutors from anywhere and anytime you need help. Tutorplace tutors utilize an interactive whiteboard in teaching you step by step on your questions or topics you need assistance. The great thing is that tutors are available 24/7.
It is also found that many student prefer online LMS rather than schools and colleges for upskilling. Platforms which provide on demand learning like Udemy, Coursera and Byju’s to name a few are rapidly increasing their customers. They provide 24 hr access to courses making it more attractive for people preferring flexible schedule. The given pandemic has given a boost to online learning management systems. Many schools and university which previously relied only on pen and paper for learning management have been forced to adopt to the technology. In this pandemic they have proved to be life line for students.
If you need help in picking a learning management system rigtht for your organization contact us at firstname.lastname@example.org or on our LinkedIn page or visit our company website, www.quantiantech.com
Artificial intelligence has revolutionized many industries. The use cases of AI in retail sector is quite compelling. AI in retail sector has become a disruptive force with it being deemed as “weapon to achieve profitable growth”. AI empowers both backed and fronted of e-commerce business. It can help retail business to estimate demand forecasts to drive higher margins, can increase the efficiency of supply chain, give valuable insights for making smart business decisions. On the customer side AI can personalize customer’s shopping experience by providing personal recommendations, 24×7 chat bots etc. This article main focus is on how artificial intelligence enhances customer experience. According to market survey conducted by fortune business insights , the global market size of artificial intelligence in retail is expected to grow from 3.1 billion USD in 2019 to 23.2 billion USD by 2027, thus registering a compound annual growth rate of a whooping 29.6%. The market adoption of artificial intelligence in retail is expected to expedite due to ongoing COVID-19 pandemic. Well established retailers are trying every possible way to improve engagement of their customer increase brand royalty and customer retention. However certain factors are derailing their efforts. Factors such as lack of infrastructure, legacy code, or higher cost of implementation are limiting AI adoption in retail.
As per a survey conducted by Capgemini, AI in retail could help save $340 billion annually by the year 2022. By automating several processes and operations and making them more efficient, AI in retail isn’t just a stepping stone – using it right could help you ‘leapfrog’ your competitors. AI has moved past being the buzzword for retailers to a tool for revolutionizing retail sector.
According to market survey conducted by fortune business insights , the global market size of artificial intelligence in retail is expected to grow from 3.1 billion USD in 2019 to 23.2 billion USD by 2027, thus registering a compound annual growth rate of a whooping 29.6%.
Retail organisations who have adopted artificial intelligence are already seeing a whooping 16 percent to 19 percent in customer engagement, business intelligentsia, competitiveness and innovation and ultimately profit margins. This is reported by a study conducted by Microsoft Asia and IDC Asia/Pacific released this week at the NRF show in New York. Microsoft’s experience center located in Singapore has AI-driven technology is driving in-store technology driven by Microsoft-accredited partners Hong Kong-based Tofugear and Singaporean startup Trakomatic. Another research by Future Ready Business conducted for Asia-Pacific’s Retail Sector, predicted a 37 to 44 percent increase in key business matrix for retail organizations who have started using artificial intelligence to their advantage.
However, many retail businesses still that “Artificial Intelligence” is just a “large hype” with no actual contributions to increase in profit margins. About 29 per cent of Asian Retailers do not believe in AI solutions for improving their businesses. Furthermore, 67 per cent of Asian retailers in the survey have not started implementing any AI solutions or are waiting for the technology “to mature” before incorporating it into their business strategy.
Many businesses are looking to democratize use of artificial intelligence and its benefits in retail sector by bringing it small medium sized business instead of just limiting its usage to big multi-national corporation.
How can Artificial Intelligence Improve Retail Sector?
Personalised online shopping
Artificial Intelligence can make shopping very personalized. In fact, it is the most sought after thing in the online retail industry. These can include personalised search results, personalised offers and personalised product recommendations. Another innovation in personalization of shopping experience is – personalized pages. For every user the landing page of a retail website can be served differently and according to their past view history, clicks, liked items, items in their carts and purchase history. Thus, in essence giving customers what they would like to buy on the first page itself. By tracking users past activities in the website, the artificial intelligence solutions can predict the taste of user: their likes and dislikes. All the data points generated from like purchase history, view history, clicks, products added to the wish list and cart etc. are given as data points to suitable algorithm for generating product recommendations which are essentially the products the users are most likely to buy.
24×7 FAQ chat bots
Intelligent chat bots can answer many queries of customer’s this reduces customer’s waiting time to reach out to a customer care executive. Also these chat bots are available throughout the year, and at all hours of the day. Thus implementation of chat bots for online retailers makes answering queries convenient for both – customer care executives and customers. For customer care executives it can give them more time to deal with more complex queries. For customer, it can provide instant answers to smaller queries. Organizations report a reduction of up to 70 percent in call, chat and/or email inquiries after implementing a virtual assistant. They also report increased customer satisfaction and a 33 percent saving per voice engagement. Chat bots are definitely changing the way the companies interact with their customers. Integrating such FAQ chat bots to one’s website goes a long way in improving customer engagement and brand loyalty. Apart from providing faq related to orders, they can also provide personal recommendations according to customer’s taste. In fact, H&M’s chatbot on the messenger app Kik, allows users to make a choice from recommendations, filters and style preferences, set the fashion brand ahead of its competition way back in 2016.
This solution can enhance customer experience in offline stores. Imagine that you have an image of a particular product like a dress, you can send the image via Bluetooth/ Wi-Fi and the kiosk pops up with the exact dress/similar dress present in the store. Also, it will guide you to the exact location of the dress in the store. This will lead to ultimate shopping experience leading customer’s to spend more in offline stores.
Virtual trial mirror
Stand in front of the mirror and you would be surprised to see the entire catalogue present in front of the big mirror. You can actually see a different product on yourself, change the background, the colour of the dress, take a selfie, match with the complementary products and see the entire look without actually wearing the dress. Also, you could change the background and see how will you look like in different lighting conditions.
Walk Out Shopping Experience
Just pickup the stuff you like, add it to cart and walk out without going to billing desk. This erases the need of long queues at billing counter. This kind of technology has been implemented by amazon by amazon in select stores as “Amazon Go”. More big retailers like walmart are looking forward to using AI to augment their offline store customer experience. Their Intelligent Retail Lab, is an inventory tracking solution which makes sure most in demand in that location are always in stock. This helps in reducing the number of customer returning disappointed and empty handed on not finding their desired products.
Flexibility Of Price Adjustments
In a very competitive and price sensitive market akin to retail, artificial intelligence can provide a dynamic pricing strategy which uses valuable information from customer’s. These applications help enterprises to analyze the efficacies of multiple pricing models before arriving at the optimal price for their products. Retailers can also adjust prices by seasonal trends, competitive products and consumer demand. If we consider the long-term revenue it can generate, it is surely an investment worth making.
Artificial Intelligence has the power to transform the way customer’s shop in both online and offline store. According Microsoft Asia’s regional lead for retail and consumer goods, Raj Raguneethan, “Every … business should become a technology company to really compete in the modern world”. The companies who would like to survive and thrive in this cloud landscape powered by data must adopt AI solutions to cater to their customer experience as well as ensure smooth functioning of back end offices.
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If you want to utilize Artificial intelligence for your retail business need help, advice, or developers, feel free to contact us at email@example.com or on our LinkedIn page or visit our company website, www.quantiantech.com
References https://www.fortunebusinessinsights.com/artificial-intelligence-ai-in-retail-market-101968  https://insideretail.asia/2020/01/15/ignoring-ai-in-retail-will-cost-market-share-and-sales-warns-expert/  https://www.forbes.com/sites/forbestechcouncil/2020/08/21/seven-ways-artificial-intelligence-is-disrupting-the-retail-industry/?sh=11d6b16a56ae  https://yourstory.com/2017/01/impact-ai-retail-industry