Proponents of traditional training methods often argue that VR training is not as practical as conventional techniques. However, research findings are different and blur their arguments. A recent study shows that VR training is 3-4 times faster and takes about 30 minutes to complete a session than 2.5 hours of a traditional training session.
Likewise, trainees who use VR for skill training are more confident than those who use traditional learning methods. VR training is 40% and 35% more effective than in-class training and e-learning methods, respectively? The question is: is VR training more cost-effective than traditional methods? In today’s article, we will answer this question!
Are Traditional Training Methods Cost-Effective?
For some trainees, nothing is parallel to traditional classroom-based training where they speak directly to the instructor. However, classroom learning requires the trainee to be present during the session, allowing them to participate in hands-on practice and exercises.
Although classroom-based learning technique offers your institution a wide range of benefits, this method comes with a cost that depends on the type of training. It is crucial to measure the ROI of your traditional training program to know its cost-effectiveness.
Is VR Training Method Cost-Effective?
Although the upfront costs of implementing a virtual reality training platform can be high, it benefits you in the long run. So, you can’t ignore the long-term value and increased ROIs of VR. VR training is more engaging, reliable, and cost-effective than traditional methods.
For example, when you use virtual environments to simulate your brand story, you can engage thousands of employees worldwide without spending a lot of money. Likewise, you can leverage the power of VR content repeatedly in various ways, such as:
· Ongoing and future training
· Employee training
· On-demand training
· Shareable videos
· Real-world-like simulations
· Product promotion
· Customer engagement
According to Round Table Learning, different factors affect the cost of VR training. These include 360 degrees VR or full VR, machine learning algorithms, programming, instructional design, VR headsets, XRS system implementation, and tailored simulations for trainees based on the company’s requirements.
However, it is often a one-time investment with no or little maintenance costs, making VR training a cost-effective method for organizations to train their employees.
Why is VR Training More Cost-Effective?
Research shows that training costs in the U.S increased a whopping 14.2% and reached $70.6 billion across all industries in the last few years. The cost of training increases when an organization focuses on employing it with heavy and costly equipment, installation instructions, equipment repair and maintenance, and other expenses, such as travel and facilities.
However, this is not the case with VR training. Here are a few reasons why VR training is more cost-effective than traditional training methods.
Engaging and Faster Training
Faster training is directly proportional to trainees’ learning effectiveness and inversely proportional to increased costs. When you spend money to organize different things for a traditional training program and find that your learners don’t participate in the training at all, you will lose money.
All this leads to increased costs, ineffectiveness, reduced productivity, and decreased ROIs. On the other hand, VR training enables you to train your employees four times faster. So, the decrease in training time allows you to use fewer resources and get the job done accurately.
At the same time, you focus on investing in your learners. Not only does this engage your learners, but they also make the effort to take responsibility for their learning.
Everything is Virtual
You don’t need to spend money on equipment, tools, and additional hardware to immerse your trainees or employees because everything is virtual. Thus, this allows you to save resources and time, leading to the cost-effectiveness of the training program.
Besides, you can use VR technology to scale and expand numerous orgizational training programs. Updating VR training is much easier than using traditional methods because it does not involve the expenses of updating physical training spaces, techniques, and procedures.
Training organizations can create sophisticated, effective, and scalable VR training solutions to train their learners. Although initial costs can be higher, when you implement a VR training program, it will help you save money and resources, leading to long-term cost-effectiveness.