By Vinay Singh
During the past decade, India’s EdTech industry has revolved around moving from offline to online classes. However, moving to online education is merely the first step in going digital. The true value of online learning can only be unlocked when there is a digital transformation that benefits all stakeholders.
Currently, more than 4,450 EdTech start-ups are present in India, helping 300 million-plus students. Of this, 40 million are those whose studies were disrupted during the pandemic and who are now pursuing higher education. In their journey, EdTech players have been helping these students by using tech tools to promote inclusive, personalised and engaging learning experiences.
Soaring Investments and the Boom
The phenomenal growth in India has made the country the world’s EdTech capital. Here, private players have played a pivotal role in the EdTech segment’s boom, which has attracted healthy funding. From $500 million in 2010, India’s EdTech industry is estimated to have received venture capital funding of $16.1 billion – a 32x increase. The soaring investments were mainly toward K-12, higher education and upskilling segments.
Thanks to the rising appeal of MOOCs (Massive Open Online Courses) and distance learning, the country’s EdTech segment is slated to touch $30 billion within the coming decade.
Consequently, the time is ripe for a complete digital transformation in the education segment rather than a piecemeal approach. Digital transformation entails capturing useful data at each stage of students’ educational journey. Thereafter, relevant insights can be gleaned from this data, helping in reorganising the processes and enhancing experiences in a manner that achieves novel outcomes not possible earlier. Thereby, the education industry could create a new business model.
Certainly, EdTech possesses multiple advantages over legacy learning that could curate a new normal, benefitting students as well as teachers, in turn improving student metrics and facilitating a faster digital transformation. This is imperative as teachers, parents and students have been stressing that the one-size-fits-all educational model is out of place in the digital era.
Ways to Reimagine Digital Education
While the first digital wave propelled education online, EdTech players must now reimagine the design of their products and services. This is the only way to keep pace with the digital transformation curve and drive better outcomes for students.
To achieve this objective, four elements are necessary:
1. Improving quality with scale: New age tech tools such as AI (artificial intelligence), ML (machine learning), big data analytics, AR (augmented reality) and VR (virtual reality) all work better when more students and teachers are using them. Through EdTech, one can provide bespoke classes and content access at a pace and learning level that individual students find more comfortable. Therefore, students are provided personalised suggestions as per previous performance and learning patterns. While quick learners can be offered lessons at a faster pace, this can be staggered for those who need more time to understand and absorb the same. If educational products are designed to harness individual capabilities, the quality of learning experiences can be enhanced as the platform expands.
2. Curbing costs via the effective use of tech tools: EdTech innovations should assist in reducing the financial burden on parents and students rather than increasing it. By garnering data about the student’s strengths and weaknesses, one can focus on addressing specific aspects to ensure better learning outcomes. Moreover, students who cannot adhere to the rigid timings of traditional classes can benefit from the 24×7 availability of digital learning. This is especially beneficial for children from financially-challenged backgrounds who help their parents during the day when conventional classes are held. Online education helps in bridging these gaps through the availability of teachers at all hours. Moreover, unlike physical classrooms that cater to a certain number only, the constant accessibility of digital classes can be used by an increasing number of pupils. As the smarter use of digital learning platforms leads to better outcomes at lower costs, the cost-benefit can then be passed on to students.
3. Timely and targeted support: As noted earlier, the one-size-fits-all approach is an anomaly today. Through tech tools, it is possible to ensure the hyper-customisation of learning modules. For example, assessment-led learning can transform the learning outcomes of students. The use of apps can provide tutors with updates on the status reports of students, monitoring their progress at each stage. Such reports pinpoint areas or subjects that require improvement, highlighting learning issues at an early stage. The assessment updates help teachers offer students extra assistance in areas where shortfalls exist.
4. Change in business models: Data-driven insights gleaned via AI, ML and big data analytics can help EdTech companies create novel products and services backed by more modular pricing, which offers greater value for money. For instance, instead of dull blackboard learning, EdTech models using multimedia graphics and interactive elements provide a more engaging educational experience. This is beneficial for youngsters with short attention spans. The seamless navigation of multimedia tools makes learning more engrossing and engaging for students, leading to greater comprehension.
As the EdTech industry stands poised for the next frontier of digital transformation, it’s time to push for greater innovation and ensure India’s position as a global EdTech learning hub is unchallenged.
The author is the executive director, CEO at Thomson Digital. Views are personal.
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