A Sr. Training Specialist at the worlds top bearing manufacturer recently asked me to cost justify our Industrial Electrical Training Video Course. Here was my reply...
For this particular electrical training product, the savings to a company is extended even further by …
• The most complete knowledge base being delivered (an entire industrial electrical course)
• No costly site licenses.
• No travel expenses.
• Great for refresher training program.
• Unlimited amount of employees can be trained (IE: New employee training)
• Stop/Start anytime.
• Each DVD can be checked out to employees so they optionally train at home on their own time.
• Covers safety issues related to electrical training too.
• Customers learn how to better protect electrical equipment extending machine life cycle.
• Learn how to reduce energy bills.
• Learn about Programmable Logic Controller (PLC) which controls most every machine and is a tool to troubleshoot even quicker.
• Apply knowledge learned to increase equipment reliability and the company’s
Cost justification can further be displayed by comparison of …
• Sending one person to equivalent trade school course would cost around $5000, sending 5 employees - $25,000 sending 50 employees over many years $250,000 … Yet this DVD Course only cost $3000
• Downtime can often cost $10,000 per hour to a manufacturer, so after this training saves 20 minutes of downtime, it has paid for its self. Most investments take 3-5 years to pay for themselves.
• One accident that this training could have prevented, could cost a company $1,000,000
So basically this Industrial Electrical Training Video Course saves a company 1.25 Million dollars or more and only cost 3K. Sure, your numbers may be smaller, but still easily cost justified training.
Don (Follow me on Industrial Skills Training Blog and on Twitter @IndTraining .)