I was reviewing some background documents for a client recently when I noticed that “risk diversification” was indicated as a reason for expanding the organization’s e-learning initiatives. I was struck by this because it marks only the third time in as many years that I have encountered an organization that mentioned “risk reduction” when talking about it’s e-learning strategy.
Naturally, I talk with a limited number of organizations, so my anecdotal experience can only take me so far. But data from our 2009 Association E-learning: State of the Sector report also suggests that risk reduction is far from top of mind when thinking about e-learning strategy. Only 3.5 percent out of 488 respondents indicated that “Reduction of risk related to educational products by diversifying product line” was one of the key reasons for their organization pursuing e-learning.
This strikes me as a significant issue for at least two reasons:
First, it suggests that e-learning strategy may not be as closely aligned with overall organizational strategy as it could be. Certainly a focus on diversifying risk across the educational products portfolio could have helped many organizations handle the current economic environment better. When questions arise – as they did in a “Burning E-learning Questions” Webinar I did yesterday – about how e-learning can help with declining conference and seminar registration, portfolio diversification is right at the core of the matter. Education is a major revenue source for many organizations. Ensuring that this revenue can survive economic ups and downs should be a top line strategy consideration – and e-learning is one of the tactics to support a diversification strategy.
Second, a lack of portfolio diversification suggests that educational strategy is is not as well developed as it could be. Lifelong learners have a continuum of needs, based upon where they are in their career, where they are in their knowledge development, and even – and often most importantly – their personal circumstances. Providing e-learning options that fit strategically into this continuum simply makes good pedagogical sense as much as it makes good business sense.
What’s the situation at your organization? Are you thinking of your educational products as a portfolio? And are you diversifying risk across that portfolio, much as you might do with your financial investments? Please comment and share your perspective.
Jeff
