What are the benefits to an organisation of e-learning? Is it just a cut-price way of delivering training - or a means of facilitating new types of organisational learning that haven't been possible before? Where is the proof that e-learning can make any improvements on the traditional methods of classroom and workbook? And what role, if any, does it have to play in transforming an organisation to meet the challenges of the twenty-first century? This white paper argues that too great an emphasis on cost-cutting in preparing business cases can blind organisations to the real strategic potential of e-learning. Drawing on a wealth of evidence and case histories, it outlines the way ahead for companies who wish to reap the real benefits of e-learning and knowledge management by aligning their organisational learning with strategic goals.