When it comes to LMS procurement, one of the bigger hurdles will be getting the budget you need to deliver the results you want. That's why you want to get the jump on questions (and build budget consensus). For more content like this, check out the full Acorn Resources blog: https://acornlms.com/resources

1. Buying LMS Software
Ensuring it’s cost-effective and getting budget consensus

2. Buying Complications
Buying a new learning management system can be a tricky business,
least of all because stakeholders with veto power can have many
price-related concerns. To be successful, you need to build consensus
amongst your buying group regarding the value of your chosen LMS
solution.

3. 3 Consensus
Building Questions

4. What is an LMS and why do we
need one?

5. • What the buying group ultimately wants to know is what the system
in question will do for them and why they need it now.
• Aside from L&D living in one central location, an LMS creates a hub
for internal recruitment, career pathways, unique content,
compliance training and data on current employee skillsets.
• Lacking the right employees with the relevant skills at the right time,
an organisation will find themselves stuck making poor progress.

6. How much will an
LMS cost us?

7. • All department heads know that any software purchase isn’t cheap.
• Legal and finance will want finer details, and IT will want to know
what it will cost them in time.
• The highest drivers of productivity (and by association profitability)
are engagement, performance and development. An LMS can not
only improve all 3 of these aspects, but the entire strategic
workforce planning cycle.

8. What will the ROI
of the LMS be?

9. • Determining a tangible ROI figure upfront is tricky. As such, it’s
better to think about the value created from the LMS.
• Talk about the problems an LMS can solve that would go
unmitigated without it such as clear learning pathways, up-to-date
training assets, change-ready employees and lowered attrition rates.
• Department leads will always think in monetary terms, and as such
won’t always understand the more covert benefits.

10. The LMS
Request for Proposal

11. What is an RFP?
This handy document gives every department a chance to raise their
issues and flag requirements. It also means you’re clearly outlining
every feature and the value it will provide for you.
A ready-to-send template helps considerably when you need to get this
document ready quickly.

12. Why is an RFP important?
An RFP is the crucial historical document that will support your
concerns throughout the procurement process. Not only does it help
you create a clear understanding internally, but it is also develops a
clear understanding of those requirements to a vendor.

13. You can learn more about this topic by
checking out the full article:
https://acornlms.com/resources/lms-budget