There are two key reasons why good data practice is essential as a training provider: for compliance and growth. New regulation means that the penalties for poor data management practices are now severe and could be financially crippling for any business. Data also represents an opportunity to drive growth, effectiveness and efficiency right across the organisation when it is properly optimised. For both these reasons it’s crucial for training providers to have a Training management system, or TMS, in place, to ensure positive data management practices and infrastructure at all times.
Recent research found that 91% don’t feel their organisation has a culture of good data governance or GDPR compliance. With fines of up to up to €20 million or 4% of a firm's global turnover this could be a costly oversight. In addition to ensuring data management meets legal requirements, putting compliance at the heart of the business could also have a number of other benefits. It may lead to better data hygiene and organisation, improving accuracy and quality and increasing trust.
GDPR compliance leads to businesses being better organised where data is concerned, which can generate insight and help to build a positive reputation. With better data management as a result of legal compliance, businesses can help to drive up revenues, reduce costs and create more cash flow to reinvest back into the business. Looking beyond compliance with regulation like the GDPR – and viewing it as an opportunity to introduce positive change, as opposed to just a tick box exercise – can have a transformative effect that starts with good data practice.
Better data practice for growth
Good data practice not only protects an organisation but can also enable it to drive growth too. Depending on the type of business, it’s important to remember that there are several different types of data to consider.
Registration and Attendance data
Being able to automatically log and analyse attendance data is good practice that can yield positive results. This is more accurate and efficient than manually handling this data as, if this is all being done manually, mistakes and errors can be common and manual processes tend to be very time consuming. Using training management software often represents best practice for registration data, especially as it can push data through to a CRM, which can be used to help better manage interactions.
Marketing and data use for the future
Good attendance data also supports the marketing function. When used properly it helps Training Companies to analyse their most profitable of courses, as well as enabling the company to support the customer compliance function by providing data to the customer on renewal requirements. It can also be used to activate other actions, such as sending a follow up email after the last session of a course, to help improve customer experience.
Financial data and integration
Inevitably, all businesses involve handling financial data, which must be securely stored and handled. The right software sets standards of accuracy and reduces the amount of administration involved. This is specially the case when the right training management software is fully integrated into with other software – such as accounting tools – to improve efficiency. Additionally, integration of a TMS can provide consistency across your website, eCommerce and marketing platforms and reduce mistakes and lengthy manual administrative processes to save your company time.
Learner progress data for ROI
The data that is generated by clients as they progress is invaluable to delivering a positive, effective learning experience. A TMS is an essential component in the positive management of learner data, enabling the creation of personalised learning and providing an accurate perspective on progress made.
At the same time, this data can support return on investment for customers by gathering in depth learner progress, which the customer can view. This gives them insight into whether trainees have in fact improved their skills post learning, and what the impact has been on the learner as a result of undergoing the training.
It can also show customers how the training has impacted their team and organisation as a whole, helping them to decide whether it would be beneficial for them to utilize this training for other staff members, or to explore other training options.
For many businesses today, data holds the key to development and growth – and it all starts with putting good data practice in place via the right infrastructure, such as a TMS, which offers multiple reporting functions to customers looking to measure the impact of training. Making this data easily accessible is key to fully utilizing the benefits of it.