Four ways to reduce costs with a training management platform this year

Reducing costs is an ongoing priority for training providers. We look at how adopting a training management platform can actually save money and provide that all-important return on investment.

Four ways to reduce costs with a training management platform this year

In the last few years, training providers have had to contend with the cost of living crisis and ongoing risk of recession. This has had a knock-on effect on everything from business overheads to employer spend on training, and has left many providers operating on a shoestring budget.

The good news is that inflation has started to fall and the UK economy is expected to grow in 2024. The bad news is that economic recovery remains fragile and the Spring Budget predicted that the economy would only grow by a subdued 0.8% in 2024. This will likely be impacted by a potential change in government too, with a general election predicted for later this year.  

While there are bright spots on the horizon, most providers will still be looking for internal cost savings where possible. Here’s how a training management platform can help with that effort.

Four ways to cut costs with a training platform

1. Give your team time back

If you’ve already got training systems in place, it can be hard to justify the investment in a new platform. Your existing systems might not be perfect, but they’re usable and familiar to your team.

The problem is that while these systems might seem cheap on the surface, they usually have concealed human costs. These costs come from the extra time and effort it takes your staff to complete tasks, compared to a more streamlined platform. 

This includes having to:

• Wait for systems to load
• Copy data between multiple places
• Search for the most up-to-date information
• Navigate system limitations and bottlenecks
• Fix irregularities caused by human error

It’s easy to write off this time as just a few minutes here and there, but this wasted time can add up and have a significant impact on your bottom line. Using a more efficient training management platform will give your team back hours each week.

   2. Beat technical debt

There are also hidden technology costs that come with using older technologies or multiple systems. 

You might pay a subscription or maintenance fee, but it’s likely that your technology is accruing a “technical debt” too. Technical debt refers to the implied cost of future changes when an easy (but limited) solution is chosen over a better (more time-consuming) option.

Technical debt builds up when companies make multiple workarounds and add-ons to existing technology, creating a complex system that becomes almost impossible to unpick. As a result, future updates to the technology require a huge amount of time, budget and resources.

A joined-up training management platform allows you to complete all the tasks associated with training provision and will be regularly updated to meet the latest compliance requirements. That means less time (and stress) spent implementing resource-intensive workarounds, leaving your team to focus on high-quality delivery.

   3. Grow learner numbers effectively

Diversifying across funding streams is a great way to grow your business and significantly increase revenue. 

However, it can be complicated and expensive if you don’t have the processes in place that allow you to scale effectively. You need to make sure your technology can support both training delivery and regulatory requirements across multiple streams, without increasing your overheads.

Adopting a training management platform will save costs by speeding up enrolment and onboarding, allowing you to bring on more learners with no extra resources. 

Once learners are on a programme, your chosen platform’s reporting suite should provide full visibility of performance across each funding stream. That way, your trainers can use their time most productively, checking progress at a glance and making timely interventions where necessary.

   4. Access innovative tools

Generative AI took the world by storm in 2023 and is set to transform the education sector over the next few years. 

While much of the focus has been on improving learners’ experiences, artificial intelligence will also lead to significant time and cost savings for providers. From creating bespoke curriculums to marking assessments, there are dozens of applications already being tested that could have an instant impact.

A good training management platform can help you get ahead of the curve and test out new technology in a safe, supportive environment. Most AI features are being offered as add-ons to existing packages, so using innovative tools will cost much less than incorporating them yourself.

Read more: What to expect from Bud's next-generation AI tools

Key takeaways on reducing costs

Ready to reduce costs and give your team more time back? Here are the key takeaways to help decide your next steps:

• Identify inefficient processes: Look for outdated systems or technology that requires extra time and effort to use. This wasted time can quickly add up and impact your bottom line
• Break away from technical debt: Technical debt builds up when you make multiple workarounds to existing technology, resulting in an overly complex system. A joined-up training management platform will be automatically updated, saving you time, money and resources
• Use technology to scale: Diversifying across funding streams is an effective way to grow learner numbers. The right technology will give you the tools to scale without increasing your overheads
• Explore the potential of AI: Artificial intelligence will create significant time and cost savings for providers. Look at how you can benefit from the latest tools in a safe, supportive environment

Learn more about Bud 

Bud’s single end-to-end solution can help to build efficiency and accuracy into your operations, so your trainers can focus on what matters most. Get in touch to find out how Bud can:

• Reduce your admin time and costs, allowing you to scale faster
• Minimise compliance risks from enrolment to end-point assessment
• Drive revenue and help you gain a competitive edge