About this Webinar
Presented by Training Orchestra
With changing technology, shifting regulations, increasing globalization and a fast evolving workforce, companies in the financial services industry recognize the need for better training programs to come out ahead. But with 15% to 20% operational cost savings needed to restore bank economic viability, the pressure to “do more with less” is top-of-mind. Where do we start?
Building on the latest research, their own experience working with multinational banks and insurance companies, and a concrete case-study, Pam Boiros, Learning Advisor, and Cecile Farriaux, Learning Analyst, will explore how companies in the financial services industry can reinvent their L&D function to keep innovating—while keeping the budget in check, including:
- The key L&D trends, challenges and opportunities facing companies in the financial services industry, based on the latest research
- Why optimization matters in the financial services industry, and what separates bottom from top performers
- Concrete strategies for cost-effective learning, operational efficiency and budget optimization
- How one of the largest life insurers in the world overhauled its learning tech stack to improve learner experience while optimizing its training budget
Get Access to the Webinar Recording, Slides and Free Tools Here:
What a great conversation with our webinar attendees! Here’s what transpired:
1. TRMS vs. LMS – What is the difference and how do they work together?
Cecile: Yes, so this is something we had discussed in terms of how Training Orchestra and Success Factors worked together in the case of New York Life. The difference between the Learning Management System (LMS) and Training Resource Management System (TRMS), we can think of it within the tech stack as “middle office vs. back office”, in the sense that, who are the users of the LMS and the TRMS.
The TRMS is really for the learning managers and learning directors, or anyone who will be looking at the reporting and KPIs—so it’s really facing the admin. The TRMS never faces the learner, so this is one difference. Another difference is the goal. For the TRMS, the goal is really to optimize processes and logistics, which means that the features would be more around resource management, around scheduling, around budgeting, etc. And, these sorts of advanced features are not something that an LMS would typically do, just because they would be focused more on managing content and managing elearning. So really, and this is also a key difference, it becomes the difference between, “Do I manage a lot of ILT? Do I have classroom training? Do I need to manage resources? Or, do I manage more elearning?” And, an interesting thing is that companies do a lot of blended learning—and in this case they might need both an LMS and a TRMS which, for example, was the case for New York Life.
Pam: Yes, great example. And, just the way this question was worded, “TRMS vs. LMS”. Very often it’s, “and” not “vs.”, and that’s increasingly the case with a lot of technologies in this Learning Tech Stack approach. It’s an additive process of getting these technologies to work together through APIs and a single data source, and that is definitely the case with TRMS and LMS in a lot of cases.
>> You can learn more about the differences between a TRMS and LMS in our blog, Training Management System and Learning Management System Differences
2. Where should I start to implement optimization initiatives? What advice do you have?
Cecile: Yes, this is a great one and it’s a vast topic. So, the answer could always be, “it depends on what you are doing”. But, in the end, there is a framework that we do recommend. And, this is also what we found from the Deloitte information, which is, that you can’t act on anything if you don’t have information. So, I would say, first of all, get visibility into your budget—on how much you’re spending, how much you would like to spend, how much you need to cut, etc. Really having visibility will help you know where you need to improve. So, visibility over the budget is one. Then would come an audit of your current processes; which ones can be more efficient? From this you can progress to, what are my current technologies? Where do I have have a gap, in terms of processes that are not automated, that I could optimize and automate? And finally, you can move on to: I know I have this technology today, I know I have this gap, which technology might I use? How will it integrate with what I currently have?
So, I would say, first, having visibility into the budget and seeing where I can save. Secondly, look at your current processes and which ones can be improved. And thirdly, try to think about the tech stack approach and how new technology might fit into what you currently have.
>> Here’s a checklist to help those in the financial services industry get started: Checklist – Must-Have ILT Management Features
3. Usually the LMS companies claim that they do this. They claim they do some of the training resource management and training optimization, but they really don’t. We would absolutely need your technology as we have to reduce budget by at least 20% in 2019. So, how long does it take to deploy your technology?
Pam: In my experience working with Training Orchestra, it’s really a matter of a few months. As opposed to implementing a Talent Management System or a LMS, which can take upwards of a year or 18 months. This is really a much more straightforward case. We have teams of solutions architects and experts to help you with that migration of where your data is now and how you are currently doing manual processes, so there is behavioral change as well as software implementation. But, you can be up and running very quickly. So, in the case of a company that needs to save 20% in 2019, you can absolutely be up and running at the end of 2018.
4. We introduced the topic of the Learning Tech Stack, and we are getting a lot of questions about this tech stack concept. I think it’s getting a lot of attention, because I think a lot of organizations are thinking about it. One question is, how do I involve my vendor partners? How early in the planning process? How will they help my planning?
Pam: In my experience, the vendors want to be included as early as possible. So even when you are in the planning phase—maybe you don’t have a RFP, maybe you don’t even have a timeline, but your existing vendors want to be included. And then other members of the learning tech stack ecosystem that you have identified you might have a need for; weather it’s an assessment engine, or a learning record store, whether its training management system… The vendors have a ton of expertise because they’ve helped organizations such as yours, in your industry, in your geography, with similar challenges. So, I think you can learn a lot from the vendors, I would encourage you to involve them sooner rather than later.
>> Watch the on-demand webinar: How to Build a Learning Tech Stack—A Blueprint For Success
5. Is it possible that two or more of my vendors will collaborate with each other on my behalf?
Pam: Yes, that is absolutely true. That is often the case, and a good reason to engage with vendors early, particularly if you are already a client of a certain technology vendor and you are looking at other technology vendors. They may have that experience and often, in this learning tech stack world, many organizations are partnering with each other for APIs and data feeds—so it is definitely likely that your vendors will collaborate with each other to make sure that your needs are met.
Cecile: I would agree that vendors want to be in the loop as early as possible. Some vendors have a lot of experience working with other platforms. So, they will definitely want to do it if they have this expertise. And, it is increasingly common. No technology sits alone now, so it’s not a problem.
6. Is optimization a “one and done” kind of thing? Or, can I start small and optimize more and integrate more technologies and functionality later?
Cecile: I would say that you have to have a balance. To some extent it can seem daunting to say that, “I cannot make a move until I figure out everything.” And, the learning tech stack approach is more about going bit by bit and integrating as you go. But, I do think that, and what we try to do at Training Orchestra, is to have one core learning technology that handles the entire back office—logistics, resource management, budgeting, etc.
I would say that, yes, of course you can start small. But, every technology should have a core goal, and there should be multiple functions within that technology that enable you to meet that goal. For example, Training Orchestra has multiple functionalities that help you to optimize logistics. Whereas Degreed has a learning experience platform with multiple functionalities that enable you to deliver a stellar user experience. So, be careful as well not to buy into small, inexpensive one-off software that will help you on one thing, such as course scheduling only. You want to have a holistic perspective on optimizing processes. But, if you are talking about optimizing processes, and having a great learning experience, and delivering great elearning content then yes, you can add those bit by bit.