This study explores faculty and student perspectives on learning management systems (LMSs) in the context of current institutional investments. In 2013, nearly 800 institutions participated in the EDUCAUSE Core Data Service (CDS) survey, sharing their current information technology practices and metrics across all IT service domains. In 2014, more than 17,000 faculty from 151 institutions and more than 75,000 students from 213 institutions responded to ECAR surveys on higher education technology experiences and expectations. Combining the findings from these sources provides a multidimensional perspective about the status and future of the LMS in higher education. Key findings include: (1) The average age of an LMS is eight years, and 15% of U.S. institutions are planning to replace their LMS within the next three years; (2) Faculty and students value the LMS as an enhancement to their teaching and learning experiences, but relatively few use the advanced features and even fewer use these systems to their fullest capacity; (3) User satisfaction is highest for basic LMS features and lowest for features designed to foster collaboration and engagement; (4) Faculty say they could be more effective instructors--and students say they could be better students--if they were more skilled at using the LMS; and (5) Students and faculty want the LMS to have enhanced features and operational functions; be personalized; and use analytics to enhance learning outcomes. To meet users' needs and expectations, the next-generation LMS should be mobile friendly, personalized, customizable, adaptive, intuitive, integrated, and designed to enhance student learning. These systems will function as digital learning environments for students, administrative systems for faculty to manage their courses, and interoperable systems that institutions can integrate into their administrative IT portfolio to leverage analytic applications.