India’s largest cryptocurrency exchange, WazirX, has seen its average volume rise in the last 30 days by more than 470 percent.
Because of COVID-19, cryptocurrencies have seen a strong price movement that naturally has caused further trades
Crypto-currency startups in India have gained ground with the Supreme Court lifting the controversial ban on cryptocurrency trading in the country by the Reserve Bank of India (RBI).
In addition, several startups in the aftermath of the COVID-19 outbreak have also benefited from market uncertainty.
“RBI lifting India’s ban on cryptocurrency trading has sparked new momentum in the market. The market uncertainty due to COVID-19 also allows more people to trade in the exchanges, “said Ashish Singhal, CoinSwitch’s chief executive.
CoinSwitch, backed by Sequoia Money, is a virtual currency exchange aggregator with around 400,000 active users a month present in more than 160 countries. “About 10 per cent of our user base is in India as of today but the number is expected to increase substantially with the new regulations and current environment,” Singhal said.
The Supreme Court quashed a ban on trading in virtual currencies such as bitcoin, imposed by the RBI on 4 March. As part of the ban, on 6 April 2018, the central bank issued a circular banning RBI-regulated entities from providing any service relating to virtual currencies, including those relating to the transferor receipt of money in virtual currencies accounts.
India’s largest cryptocurrency exchange, WazirX has seen its daily volume rise over the past 30 days by more than 470 per cent. WazirX, recently purchased by Binance, has over 300,000 registered users and has clocked cumulative volumes estimated at $286.3 million to date.
“The Indian market has a population of over 1 billion and is a sleeping giant. The news about lifting the ban on RBI would further improve the acceptance of crypto in India, “said WazirX founder and CEO, Nischal Shetty.
People continued to trade even during the ban with the aid of peer-to-peer (P2P) networks, but approval by the RBI is expected to serve as a catalyst to the growth momentum.
“Crypto exchanges like WazirX now have the INR deposit and withdrawal banking channels available. With banking networks now open, inputting crypto has made it easier for Indians. Indians had to use P2P because of the banking ban which was successful for WazirX but the banking channel would be even more successful because it is more convenient for users, “Shetty said.
Cryptocurrencies have seen a strong price spike due to COVID-19 that has inevitably caused further trades as market volatility is crucial to deciding trading strategy and investment decision. “But while crypto shows signs of stability in this financial chaos right now, we’re going to have to wait and watch the next few weeks to understand how cryptomarkets are really coping with their first-ever exposure to the global financial crisis,” Shetty says.
“Stablecoins (a form of cryptocurrency designed to sustain a stable market price) saw their combined market value nearly double in Q1 … If crisis conditions continue to escalate in emerging markets, we may see a more drastic rise in the use of stablecoins.”
What are the key tools and software for product managers in 2020? Update your gear with this tailor-made guide and shine through your product management Software and tools!
Humble beginnings legends in tech have become legendary. A few geniuses, a garage and an ambitious vision: all that’s needed to kick-start a digital revolution.
Would you think this is the way most people do it?
Face it, not all of us are destined to change tech’s face. Or perhaps we are; but the majority of us work hard, one day at a time. And you will appreciate every possible help. A great team, better management and a fresh product make things easier. But you can’t choose them for real. Most of the time, you’ll enter current projects with their difficulties and issues.
However, using the best software and tools for product management are things you can choose from. Find out which tools and software for product management can help you achieve PM excellence in 2020.
Considerations of before selecting for product management software and tools
Let’s just be transparent first of all. Essential to the budget. Product managers range from remote workers doing support work for various small businesses; to PM bosses in huge tech firms with branches all over the world. Clearly the budgeting will be different in both situations. You also need to be mindful of traditions: you may be at a big business, but perhaps management is used to using “freemium” solutions instead of charging for full services.
Now, as we’re talking costs; make sure you have top-notch protocols on defence. How much data do you want to share with third parties? A security risk is something that you simply won’t be able to handle when things escalate. Another important economic issue is whether the tasks you want to conduct with the product will be performed in your offices or in a third-party setting. In reality, who is your audience: outsiders; colleagues? What kind of team is it that will use these tools?
Such issues matter, as software for product management also has different levels of “users.” Those levels may determine access to different areas: Managers may only be concerned with some. Until choosing one form of product management method or another, keep Hierarchies in mind.
Finally: It’s about integrity. Have a debate with your squad. What is their level of competency? Do they understand interfaces which are “user-unfriendly”? Or would they prefer a slickly crafted programme? Talk to them, get opinions and make sure the team can use whatever you choose.
Once these issues have been resolved, go through the list and select the product management tool and program that best suits your needs.
Best Product Management Software and Tools Available For All Needs
This is an important exercise in Product Management. While PMs are known to be adaptable, mapping the route illuminates the kind of stakeholder negotiating skills and data-led planning that make brand management so successful.
A Product Manager will have both a positive and a negative view. That is, they will know when to delete something that isn’t working. This is a very valuable skill: if you’re working alone, you’re saving time and money; if you’re working in a company like Google, you’re saving a lot of time and money.
That backlog on the rise, right? If you want to keep it down you need a good tool which shows you exactly what you need to do to get back on track, both visually and in terms of data.
Any of the product management tools suggested above for task administration work. Keep in mind, though, that certain tools align with specific methodologies. For example, if you aren’t dealing with small, Agile teams; they might not be helpful to your team. Restyaboard represents a perfect example. You may need to train the teams so they can work at full speed!
This methodology is used across many disciplines and tools belonging to other fields may be used by Product Managers. Tools like Restyaboard and Binfire are perfect enough for small and medium-sized enterprises.
Restyaboard offers a lot of features for larger operations, and Planbox integrates spaces for various teams to operate on the cloud. In short, it’s all about the goals. Would you like to invest in a richer, more dynamic framework for product management? And will you use that freemium software to support your Sprint along with more conventional text, data and presentation tools?
A Product Manager without data is nothing. Your insight could even be based on decades of experience, but you are going nowhere without reliable analytics. On the surface, like a standard spreadsheet, Product Management tools like Airtable work. In addition, it can extend to become a fully-fledged database.
Google Analytics is a free and basic tool for tracking your metrics online, but if you want to go into more detail we recommend Mixpanel, where you can track user interactions and even run A / B testing. Salesforce also offers the adept user potent CRM tools.
All in all, if you put any effort into Product Management data analytics, a decent Excel or Google Sheet can be of great help.
You need to hear the noise out there in this day and age.
First, you need tools to get customer feedback, understand and react. Zendesk is one of the most common out there; Freshdesk (with brand customization) and Userengage (adding CRM) are alternatives. Sadly, there are no good free options: customer management is still very much a premium service.
You will then need software to collect information about your goods. SurveyMonkey, Google Forms, Survey Anyplace and Typeform are useful for prompt customer requests. UXCam is an interesting view of how consumers use their products.
Restyaboard is a business-rich, open-source application designed to track and visualize the project’s progress. Using a simple and familiar task-based card format, users can combine Trello, Asana, Github, Kantree.io, Pipefy, Taiga, Taskwarrior, and Wekan boards into a single glass table.
Collect user reviews directly from within your app with Instabug, without affecting the app experience of your users. Send tailored surveys to different groups of users, and gain clear insights.
MailChimp and Customer.io finally provide powerful tools to get in contact with your customers via email. MadMimi works if your ambitions are more modest; if you want to cover all corners Intercom is just fine.
Listening to your users is fundamental. Otherwise, you are developing your product in the dark!
This list is not exhaustive. Yet its category division should make you think about your needs. What are your weaknesses? Think of them as the positions you can move from and boost the operations of your product management. You can do wonders for efficiency, connectivity, and performance by adding a new tool to your arsenal.
Switching and trying between different tools does not cause any harm. Never believe it’s too hard to change: we’re in the transformation market, after all! Obviously, if you need a better approach to all of this, you might need to look into Consumer Thinking. And freshen up your methodologies.
Tiger Global invests BYJU’s $200 million; the value jumps to $8 billion
The investment will increase the valuation of India’s third-largest startup by around 45% to around $8 billion.
The company is on track to double its revenue in the current financial year to about ₹3,000 crores, Raveendran says.
Tiger Global Fund, based in New York, will invest $200 million in Think and Learn Pvt. Ltd, the learning technology firm owned and operated by Byju’s learning app, the startup said on Thursday. The investment will raise the valuation of India’s third-largest startup by about 45 percent to about $8 billion, according to a person familiar with the matter.
The latest investment from Tiger Global is stand-alone financing, unlike previous rounds when multiple investors bought into Byju’s together. Its last funding round saw an infusion of $150 million led by the Qatar Investment Authority in July last year, the above-mentioned person said on anonymity condition.
Byju’s has raised approximately $995 million from investors like Naspers, Tencent, Verlinvest, Chan-Zuckerberg Initiative, Sequoia Capital, Lightspeed Venture Partners, and Aarin Capital since its founding in 2011.
“We are delighted to partner with a powerful Tiger Global Management investor. They share our sense of purpose and this partnership will accelerate our long-term dream of making an impact by changing the way students learn,” said in a statement founder & CEO Byju Raveendran.
Tiger Global is one of the most active investors in consumer internet space and has supported around 14 companies in India till date.
The investment firm has also begun to focus on the Business-to-Business (B2B) segment and has recently invested $90 million in Ninjacart’s agri-tech startup. It has also invested in companies like NestAway, Grofers, and Razorpay payment company.
Raveendran, a former school teacher, was one of the early entrants when he started the company into the online learning space in India. Byju’s learning apps offer kindergarten-wide programs for high school students.
The company’s apps target students for a variety of programs including competitive exams such as the Common Aptitude Test and the Indian Administrative Services entrance. The cost of such online courses ranges from ₹5,000 to ₹100,000.
Its registered users have risen to 42 million, while it has another 3 million paid subscribers, a level that, according to industry officials, will allow the company and its subsidiaries to break into profits early
Byju’s says that in the financial year ended March it turned profitable, with revenue tripling year-on-year to a crore of ₹1,480. However, the company still recorded a net loss of some ₹15 crores in FY19, including its subsidiaries, compared to a loss of some ₹37 crores in the previous fiscal year.
Founder Raveendran said the company is on track to double its revenue in the current financial year to about ₹3,000 crores and is working on Indian language programs to make it accessible to learners in smaller towns. Additionally, in the coming months, the startup will launch’ Byju’s Online Tutoring.’
The company faces a number of challenges despite its positive track record, an analyst said.
“The biggest issue facing Byju’s is customer acquisition and customer retention,” said Sanchit Vir Gogia, analyst and chief executive officer at Greyhound Research.
“While there may be an increasing number of registered users, the percentage of renewals is significant. Most learners have a tendency to drop out,” said Gogia.
“Secondly, the content assumes a certain knowledge standard, so it is necessary to improve the applicability of the content,” added Gogia. “For example, the level of all students in the sixth grade may not be the same, but the content is standard.”
Byju’s need to enhance student engagement as it “has not figured out individual learning paths,” the analyst said.
Scott Schlifer, Tiger Global’s partner, said the firm is optimistic about the company as it “has emerged as the leader in the Indian education technology sector” and is “pioneering technology that shapes the future of learning for millions of school students in India.”
According to the government-backed India Brand Equity Foundation, India’s online learning market is expected to double to $5.7 billion by 2020.
Ravi Shankar Prasad, Minister for Electronics & Information Technology inaugurated the summit
Startups will try to bring the focus of venture capitals and government around their processes and strategies
The telecom minister also launched the MeitY Startup Hub (MSH)
With a vision to discuss how leveraging emerging technologies like artificial intelligence (AI), the internet of things (IoT) would catalyze the socio-economic growth of India, Ravi Shankar Prasad, Minister for Electronics & Information Technology (MeitY) on Monday inaugurated MeitY Startup Summit 2019. The summit is seen as a step forward towards bringing together key stakeholders and startups under one roof.
During the course of the summit, startups and entrepreneurs will share techniques and strategies that they find effective with one another. Further, they will work with practitioners to capture viable techniques to bring the focus of venture capital and government around their processes and strategies.
At the summit, the telecom minister also launched MeitY Startup Hub (MSH). The startup hub has been set up in order to facilitate MeitY’s vision of promoting technology innovation, startups, and creation of intellectual properties.
As a nodal agency, software technology parks of India (STPI), an organization under MeitY, is entrusted with the implementation of MSH in the country.
STPI working for the creation of a startup ecosystem in India has so far created 28 centers of excellence (COE). During the MeitY Startup Summit 2019, STPI further signed four Memorandum of Understandings (MoUs) with Intel India Pvt limited, IIM Calcutta Innovation Park, Pontaq and IBM.
The MoUs are expected to help in promoting innovation in information and communications technology during the MeitY startup summit 2019. Additionally, these MoUs are also expected to connect technological institutions, venture capitalists, industries and government agencies.
These MoUs can also be seen as a massive step forward for various STPI CoEs like IoT OpenLab at Bengaluru, ESDM incubation centre at Bhubaneshwar, Varcoe at Bhubaneshwar, Autonomous Connected Electric Shared Vehicles, CoE at Pune, MedTech & health informatics CoE at Lucknow, Rural & Agri IoT CoE at Guwahati, BlockChain CoE at Gurugram and IoT in Agri CoE at Patna-Motihari and others.
Further, STPI has initiated the activity of setting up of various domain-specific CoEs across India. Moreover, IIM Calcutta Innovation Park (IIMCIP), has been engaged for providing their expertise in the call for application, screening, onboarding & review of startups across STPI CoEs.
Government’s Push For Startup India
The Union government has been continuously working towards building the startup ecosystem of the country and make it easier to grow.
Recently, showing confidence in the ability of startups to bring innovation and drive business in the Indian economy, Modi said that the Indian startup ecosystem will help India achieve the $5 Tn target for the economy set by the government.
Modi also highlighted that India is one of the top three startup ecosystems in the world and lauded startups for powering the startup ecosystem. The Prime Minister also claimed that the world is looking at new India as a land of unique opportunities.
The Startup India scheme has played a significant role in channeling the entrepreneurial spirit of India’s innovators and has penetrated Tier 2 and 3 markets as well. With plenty of initiative from the central and state governments, startups and early-stage businesses have been given every encouragement and incentive to grow and innovate.
As stated, Singapore’s DBS Bank to enter India’s Credit Card Market by 2020, the company confirmed on Tuesday. The banking giant is betting on its efforts to reach other parts of the world in order to nullify weakness in the local economy.
One of the top-level executives of DBS India, Shantanu Sengupta said- the credit card will be rolled out by the second or the third quarter of 2020.
The credit card market is still smaller in India in comparison to the debit card market. Latest stats from May indicate that debit card (825 million) users surpass credit card (48.9 million), users.
The Singaporean bank, which aimed earlier to create a customer base of 5 million in India by 2023, is likely to achieve the target earlier than expected.
Other companies such as Citigroup (C.N.) are also betting on India to increase its customer base there. India’s Paytm unveiled plans to roll out a card in collaboration with Citi, allowing the American banking giant to service some of its clients which is over 300 million.
Moreover, India is focusing to boost adoption of e-payments and recently made it mandatory for banks and card payments networks not to charge on debit card transactions.
Half of the customer base has already been achieved by the company and hence, expects to cross the mark before time, added Mr. Sengupta.
Ola’s self-driving service Ola Drive will available on Ola app, starting with Bengaluru
The company has major plans to take on rival startups such as Zoomcar and Drivezy and is looking to undercut the competition on pricing
India’s self-drive car rental is estimated to be valued at over $100 Mn with major investment coming in from auto giants in this sector
Riding on the unicorn status or its core ride-hailing business and Ola Electric, SoftBank-backed Ola has now forayed into the self-drive car rental market with the launch of ‘Ola Drive’.
The company that transformed daily commuting for Indians is now setting sights on the consumer auto market, which is reeling from slowing sales and the drop in consumption thanks to the credit crunch in auto loan providers as well as among citizens. Thanks to this drop, the market size for self-drive rentals and car subscriptions has increased tremendously.
A Mobility Insights 2019 report estimates the self-driving market to be a $100 Mn opportunity in India, which is currently highly under-penetrated. Plus, there’s a huge gap between driving license holders and car owners in India as one of the major driving factors for the self-driving market growth. India is said to have 127 Mn driving license holders as compared to the ‘cars to people’ ratio of 22:1000 in 2019. Also, the consumer preference for renting bigger, safer and powerful cars for intercity trips has added to the market size.
That’s exactly why Ola is stepping into the field. “The paradigm shift from ownership to usership has created a tremendous business opportunity in the car-sharing space,” an Ola spokesperson told Inc42.
To tap into this huge market opportunity, Ola has planned to invest around $200 Mn initially with the aim of increasing it to $500 Mn over the next couple of years. Currently hosting a 500 cars-strong fleet in Bengaluru, the company aims to expand its fleet to 20K cars by the end of 2020.
Ola Drive Competes On Price
The rental period proposed for Ola Drive is between two hours to three months, along with Ola’s claim to offer its services at 30% lower rates than the existing players. Ola Drive will initially be launched in Bengaluru, accessible through pick-up stations located across the city. The Bengaluru launch will closely be followed by other metros such as Hyderabad, Mumbai, and New Delhi. In addition to the rental costs, Ola Drive will also charge a security deposit starting at INR 2K.
Ola will also be standardising the services in all Ola Drive cars to include GPS, Ola’s connected car platform ‘Ola Play’, media playback, and Bluetooth connectivity along with access to the platform’s support and safety features such as a 24×7 helpline, emergency button (which prompts an immediate call from Ola’s dedicated safety response team), roadside assistance, and real-time car tracking.
Ola was founded in 2011 by Bhavish Aggarwal and Ankit Bhati as a cab-hailing service and since then expanded its services to include electric vehicles, micro-credit, food delivery and micro-insurance and now, self-driving car rentals. Till now, Ola has raised around $3.28 Bn in funding from prolific investors such as Ratan Tata, Sachin Bansal, Steadview Capital and more.
“With over 200 Mn subscribers, Ola Drive has the largest user base for a car-sharing service in the country,” the company said in an official statement.
True Balance will use funds to expand its loan book and bolster its technology
Till date, the company has raised $65 Mn from investors such as SoftBank Ventures Asia among others
The company website shows that it has 70 Mn downloads, as of December 2018
Gurugram and Korea-based mobile balance management service startup True Balance has raised $23 Mn (INR 164 Cr) in a Series C funding round.
The investments reportedly came in from Korean investors which include NH Investment & Securities, IMM Investment, HB Investment, IBK Capital, D3 Jubilee Partners, SB Partners and Shinhan Capital. Till date, the company has raised $65 Mn from investors such as SoftBank Ventures Asia among others.
True Balance will reportedly use funds to expand its loan book, bolster its technology and business-focused talent acquisition efforts across geographies, as well as towards marketing.
True Balance (introduced by Balance Hero) was launched in 2014 by Charlie Lee. It converts a text message with an available balance to infographics so that the users can easily check the balance, purchase a prepaid account, recharge their balance and track data usage.
True Balance had received an RBI license to operate its wallet service in India and began its operation in December 2017. True Balance wallet lets users pay in advance for mobile recharges, much like Paytm and Mobikwik. Users can also send money to each other using UPI. Since then, it has evolved into a financial services company.
The company website shows that it has 70 Mn downloads, as of December 2018. The company claims to clock three lakh transactions daily and aims to bring financial freedom to primarily unbanked users by giving them a safe, fast and convenient transacting experience. It also plans to launch new products, such as rail tickets, bus tickets, EMI, digi-gold, instant cash loan and personal loan by the end of the current fiscal.
“We aim to strengthen our data and ACS (alternate credit scoring) strategy to provide better financial services to our target—the next billion Indian users. Our goal is to reach 100 Mn digital touchpoints and become one of the top fin-tech companies in India by 2022,” Charlie Lee reportedly said.
True Balance’s FY 19 report showed that the company’s revenue increased by 49.8% from INR 5.97 Cr in FY18 to INR 8.95 Cr in FY19, while the loss stood at INR 46 Cr. It has partnered with a Mumbai based NBFC HappyLoans to provide the financial services and had received undisclosed funding from ICICI Bank Ltd. for its growth plans.
True Balance has also received its non-banking financial company (NBFC) license from the Reserve Bank of India. Funds and VCs from all corners of the world are ready to invest billions in the fintech sector.
According to the Global Fintech Report Q1 2019, more than one million borrowers and two million lenders have transacted with lending platforms, with the overall exposure remaining at INR 350 Cr. Further, between 2015 and Q1 2019, the total investment in Indian fintech startups was $7.62 Bn, out of which 25.49% ($1.94 Bn) was for lending tech startups, according to DataLabs by Inc42.
India’s digital lending market has the potential to become a $1 Tn (INR 71 Lakh Cr) opportunity in the next five years, according to a 2018 BCG report. Of this, personal lending is estimated to grow to a $50 Bn market, growing at a rate of 30% every year.
Penta, the German business banking startup, banking provider for small and medium-sized enterprises (SMEs) that was recently acquired by fintech company builder Finleap, has raised “over” €8 million in new funding.
The round is led by HV Holtzbrinck Ventures. Also participating is Finleap, alongside Fabrick, the Italian platform for open banking and fintech services, which is another of Penta’s existing shareholders. The startup raised a €7 million Series A round in late 2018, and is thought to have had over €18 million investment since being founded in 2016.
Meanwhile, today’s new injection of capital comes shortly after Penta was acquired by Finleap, the German company builder that co-founded and also owns a stake in banking platform solarisBank, of which Penta is a customer. Shortly after the deal went through, it was confirmed that Marko Wenthin, who previously co-founded solarisBank, had become Penta’s new CEO, replacing outgoing CEO and Penta co-founder Lav Odorović.
With a team of over 50, Penta now operates from three offices located in Berlin, Belgrade, and Milan. The latter follows a recent merger with Beesy, the Italian micro-business banking startup. Penta CEO Wenthin says internationalisation will be one of the focuses following HV Holtzbrinck Ventures’ backing.
“Penta has shown an incredible amount of passion for the market, the customers, and the product: it is amazing to see what the team has built since their inception,” he says in a statement. “This funding will allow us to further invest into our product and partnerships to become the financial platform of choice for small and medium sized companies. Additionally, we will push the internationalisation of Penta, starting with Italy this year”.
Confluera snags $9M Series A to help stop Cyberattacks in Real Time
Just yesterday, we experienced yet another major breach when Capital One announced it had been hacked and years of credit card application information had been stolen. Another day, another hack, but the question is how can companies protect themselves in the face of an onslaught of attacks. Confluera, a Palo Alto startup, wants to help with a new tool that purports to stop these kinds of attacks in real time.
Today the company, which launched last year, announced a $9 million Series A investment led by Lightspeed Venture Partners . It also has the backing of several influential technology execs, including John W. Thompson, who is chairman of Microsoft and former CEO at Symantec; Frank Slootman, CEO at Snowflake and formerly CEO at ServiceNow; and Lane Bess, former CEO of Palo Alto Networks.
What has attracted this interest is the company’s approach to cyber-security. “Confluera is a real-time cyber-security company. We are delivering the industry’s first platform to deterministic-ally stop cyber-attacks in real time,” company co-founder and CEO Abhijit Ghosh told TechCrunch.
To do that, Ghosh says, his company’s solution watches across the customer’s infrastructure, finds issues and recommends ways to mitigate the attack. “We see the problem that there are too many solutions which have been used. What is required is a platform that has visibility across the infrastructure, and uses security information from multiple sources to make that determination of where the attacker currently is and how to mitigate that,” he explained.
Microsoft chairman John Thompson, who is also an investor, says this is more than just real-time detection or real-time remediation. “It’s not just the audit trail and telling them what to do. It’s more importantly blocking the attack in real time. And that’s the unique nature of this platform, that you’re able to use the insight that comes from the science of the data to really block the attacks in real time.”
It’s early days for Confluera, as it has 19 employees and three customers using the platform so far. For starters, it will be officially launching next week at Black Hat. After that, it has to continue building out the product and prove that it can work as described to stop the types of attacks we see on a regular basis.
Learning Management System seems to be the go-to option for start-ups and Fortune 500s, alike. But is your organization ready to make the switch and invest in Online Training software?
Why You Should Use Online Training Software For L&D eLearning courses have become a preferred choice for keeping up to date with learning opportunities.
They contain a wide range of applications, from upgrading corporate certifications to getting a degree from home.
They also allow learners of all ages and academic levels to study at their own pace.
The corporate world makes its own value judgements, and they’re largely based on the bottom line.
In the business world, if it isn’t profitable it’s not worth doing.
Is there an effective way to promote corporate L&D with online training software? Let’s look at 6 benefits of using online training software for L&D..
1. Increased Flexibility
From an employee’s perspective, one of the drawbacks of work is academic stagnation. It’s hard to get time off for studies, and this can lead to high staff turnover. Some of the best and brightest team members may leave employment so that they can seek opportunities for their own development. Employers are equally unwilling to lose office hours.
The Online training software can solve both of these challenges simultaneously. It allows corporate learners to juggle work and school without compromising their jobs. They can study during their commutes, lunch breaks or after they put their kids to bed. They are able to study on their tablets, mobile phones, laptops or desktops so they have a wide variety of study options.
2. Reduced Travel Expenses
Aside from losing actual office time, travelling to and from class can be a burden on your staff. Employees may ask to get off work earlier or come to the office later, in order to accommodate their studies. If the Online training course is sponsored or managed by the office, you would have to fund their travel expenses. You’d also have to find a way to cover their missed work hours. Once again, having in-house courses would resolve all these problems. Team members can study at their desks, which eliminates both travel costs and time off work. Studying at work also positions them for raises, promotions and internal upward movement.
3. Greater Accessibility
These days, corporate teams are global, with employees and offices all over the world. This can make it difficult to reach them all at the same time. With online training software, employees in different departments, branches and time zones have equal opportunities. Online training courses are easier to accommodate than offline ones. This makes it easier for them to absorb technical content. In traditional training, such a situation would require different classrooms, instructors and time slots. Online, you can switch the instructional language with a single click.
4. Customized Online Training Content
Online education can drastically reduce your development costs.This way, different online learners can activate tools that are specifically relevant to them. One employee could prefer daily sessions while another might want weekly sessions. Self-directed tools may help them adjust the online training course to fit the time they are available. They can also select to skip topics they are already familiar with. They’re able to access additional online training resources in areas where they need extra attention. It’s much easier to do this online than in a physical classroom.
5. Personalized Online Training Resources
Using online training software for L&D offers a data cycle that flows both ways. Corporate learners can access extensive libraries, both inside the online training course and on the wider internet. Their study habits and patterns provide metrics and analytics that can be used to improve the online training course. This data is helpful both internally and externally. They can cross-sell it to similar corporates, or use it to create new online training courses for your firm. Internally, the gathered data can help improve how the company is run. It helps management pinpoint corporate trouble spots and resolve them.
6. Enhanced Compliance Rates
One of the main drivers of corporate L&D is industrial compliance. Local regulations often require certifications and licenses that have to be periodically renewed. These licenses might cover security, health, safety, gender matters or even language needs. If you have expats on your team their compliance may be a requirement of their visa or work permit.
In the regular course of running a business, these matters can easily be overlooked. Using an online platform for training can help streamline departments. The accounts team will get reminders when licensing fees are due. They can get in touch with HR or admin, who can prompt individual employees to update their compliance. The whole process runs smoother because of it.
Learning and Development is a key part of smart corporate structuring. Taking the process online saves your organization time and money while increasing efficiency. Flexible schedules allow corporate learners to work at their own pace and convenience. Studying at work or at home reduces corporate travel costs and improves time management. Global employees can access online training content in their preferred tongue, and there are other customization options as well. Thus, online training software for L&D can help you retain your top talent and improve productivity.