Over the last two months, work from home has been the norm for most of us. Little wonder, a growing number of companies have turned to online employee training for a comprehensive, interactive way for workers to learn. According to Sameer Nigam, CEO and co-founder at Stratbeans Consulting, a fast-growing learning management solutions firm, the world of training is transforming at a very fast pace, from instructor-led training in the past to a more evolved way of training with advancements like Artificial Intelligence-powered chatbots.
Founded by Sameer Nigam, Prasoon Nigam and Pradeip Aggarwal, Stratbeans provides enterprises with a 360-degree approach that helps repurpose the future of work through continuous learning, engagement, and inclusion of everyone in the value chain including employees, partners, vendors and customers.
Says Nigam, “Stratbeans helps bring all the learning activity onto a single platform which is accessible to each stakeholder. This learning and performance support platform uses gamification, AI-enabled chatbot, interactive learning videos leveraging adult learning principles.”
Reminiscing about the initial years, he says Stratbeans started at a time when companies across sectors were using traditional methods of employee training. Back then, the importance of reskilling and upskilling was also not felt by a lot of companies. “In such an environment, embracing digital wasn’t everyone’s cup of tea,” he says.
Stratbeans, thus, saw an opportunity to create a platform that provides a holistic digital strategy where the entire company can benefit from digitisation. Today, its automated learning frameworks are helping enterprises in saving time and cost in training new employees and upskilling the existing ones. This has helped enterprises drastically reduce their costs and has opened up new revenue streams for them. The company’s mission is to empower enterprises through advanced digital learning and performance support solutions to engage, train and inspire employees for better customer engagement.
Cut to present. Stratbeans has enabled digital transformation for over 150 clients globally. With a presence in India, the Middle East, and the US, Stratbeans works with large enterprises such as Tata, Genpact, EXL, Aviva, HDFC, ASPEN pharma, and Honda. Stratbeans is also the exclusive partner of Articulate, a US-based technology company that designs e-learning software. More than 83 million learners in 151 countries have learned new skills, gained new insight, and received career-boosting training from online courses created with Articulate applications.
Stratbeans has been a bootstrapped company since its inception. The startup uses its funds for human resources, R&D, and marketing. It earns money from two lines of businesses —services and products. Under services, Stratbeans has created various interactive forms of digital audio-visual modules for capability development. On the other hand, with its digital transformation products, Stratbeans enables these digital learning videos through AI-based platforms and enhances employee performance through AI-based chatbots. Last year, the company clocked a revenue of $1.1 million.
Today, the benefits of e-learning in the workplace are taking the world by storm with the market set to touch $200 billion by 2024. “Over the last decade, we have some amazing case studies including SBI Card, Tata, Genpact, etc.,” says Nigam, talking about Stratbeans’ future plans. “We are certain about the range and quality of expertise we have gained over the years and aim to capture the market in a more specific and targeted manner in the years to come. In terms of revenue, we are targeting to hit $10 million by 2021. We are also planning to expand our product portfolio to include learning collaboration on social networking and binge-watching frameworks.”