Corporate training is one of the most important aspects of any corporate strategy. According to researchandmarkets1, corporate training market in the US is expected to grow at a CAGR of around 10% during 2018-2022. Forbes2 estimates the market size for corporate training industry to be over $130 billion in the year 2017-2018. With new technology advancements in the areas of Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR), Machine learning and Artificial Intelligence (AI), and so on, the training industry is transforming at an accelerated pace. Technology has great potential to address some of the challenges for all the stakeholders associated with corporate training. With wide adoption of mobile devices, technical advancement in the form of head mounted displays (HMD) and multi-sensory inputs processing capabilities, new age training is going beyond physical classroom training to virtual trainings, accessible anytime-anywhere-anyhow.
For a successful corporate training program that involves various functions, such as sales, operations, service, etc. distractions should be minimum to ensure a better learning rate. As maintaining focus on incoming stream of information is always a big challenge, training should be immersive to avoid monotony and boredom.
In this highly-connected world, it would be difficult and expensive for global organizations to provide classroom trainings. The complexity of sharing knowledge at optimum investment with field staff or on-floor staff, spread across various geographies and remote locations without affecting the normal operations is a serious drawback of classroom trainings. For example, for an organization launching a new product, using traditional training techniques for sales and services executives spread across the globe will involve many logistic challenges as it would mean providing new products to all the locations or making all these executives travel to a central place to attend the training program.
Below are some of the challenges for various stakeholders associated with corporate training: