The Edtech Sector gets Redefined with a New Entrant in the Industry
Enlighten us on the trends and outlook to be observed in the coming year?
The education technology sector in India has been on a fast-paced growth trajectory, propelling the country to the top of the global Edtech scene. With online education gaining momentum, Indian Edtech companies have seized the opportunity and established a foothold in the domestic market, and are now spreading their wings into international markets. Companies are continuously innovating and leveraging the latest technological advancements to improve the quality of education and expand access to it.
This is where Industry 5.0 comes into play. This futuristic concept emphasizes the integration of cutting-edge technologies such as Artificial Intelligence, Internet of Things, and automation to create smarter and more efficient systems. By adopting these principles, the Edtech industry can pave the way for a more accessible, personalized, and inclusive education system that is equipped to meet the demands of the future. India's Edtech industry is poised to make a significant impact, not just on the country's education landscape but also on the global economy. By harnessing the latest technologies and innovative strategies, the industry can ensure that education remains at the forefront of progress and development.
Indian Edtech companies have seized the opportunity & established a foothold in the domestic market& are now spreading their wings into international markets
What inspired you to choose this path in business?
Over the last five decades, Thomson Digital has emerged as a global leader in publishing solutions. We have closely worked with international clients to provide them with transformational workflow and technology solutions, e-Learning, content development, processing, and rich media development. As we stand today at the intersection of the 5th Industrial revolution, we entered the domestic market with a very unique offering for the Indian EdTech market, i.e. Q&I. Our newly launched EdTech platform is is a first of its kind assessment led platform for the preparation of JEE and NEET. Q&I’s radically different approach shifts away from general syllabus-based learning to unique need based learning. Having worked closely with education publishing, we have been keenly identifying the gaps that the EdTech sector has been trying to address but has not been able to do so effectively. The pandemic further highlighted the interdependence of humans and machines and perhaps is hastening the advent of Industry 5.0.
According to you, what is the impact of information and communication technology on Marketing?
Information and communication technology (ICT) has had a profound impact on the field of marketing, transforming the way businesses engage with customers. The ability to reach and interact with a global audience has become easier than ever before, thanks to the power of ICT. Companies can use social media, websites, and other digital platforms to connect with customers in realtime, creating a more personalized and responsive customer experience.
In addition, ICT has allowed businesses to gather and analyze large amounts of customer data, providing valuable insights into customer behavior and preferences. This data can be used to create more targeted and effective marketing strategies, resulting in higher conversion rates and improved customer satisfaction. Overall, the impact of ICT on marketing has been largely positive, providing businesses with new opportunities to engage with customers and improve their marketing efforts. However, companies must also be mindful of the potential risks associated with the collection and use of customer data, and take appropriate measures to protect this information and maintain customer trust.
What is the most ingenious growth hack you have encountered?
Our growth has been powered by transformative digital technologies like Artificial Intelligence, Machine Learning, and Natural Language Processing. We have leveraged these technologies to help our customers’ businesses evolve. We have focused on harnessing the power of disruptive technologies and that has characterized our growth during the 4th Industrial revolution, in the world of publishing.
Portray us a brief overview of personalized learning, in light of the fact that each student is different.
The customer is always at the centre of everything that we do, and we have never believed that one size fits all. Whether in publishing or now with our newest venture that we are still testing, we believe in providing customised solutions. Every student is unique, their learning styles and needs are unique. Their strengths and weaknesses are unique. We believe in hyper personalisation and build solution that are unique to each student’s need. Therefore, Q&I’s radically different approach shifts away from general syllabus based learning to unique need based learning. The platform’s adaptive learning engine curates a customized and clear preparation plan for an individual by providing a detailed subject and topic wise analysis and benchmarking each individual’s performance with the peer group. It conducts a diagnostic test that analyses the students’ strengths, weaknesses, opportunities, and hurdles and accordingly supports the students’ journey of preparation and clearing the competitive exams.
What stage in the transformation journey would you find a most business today?
Most businesses today are likely in the early or mid-stages of the digital transformation journey, where they are laying the foundation, experimenting with technologies and solutions, and building a culture of innovation and agility. This involves identifying areas where digital technologies can have the most impact, piloting new processes or systems, and building the necessary skills and capabilities to support digital transformation. The specific stage of transformation will depend on various factors, but given the rapid pace of technological change, most businesses are likely to be in the early or mid-stages.