We’ve heard plenty about the power of fintech since it began gaining traction, but technology isn’t just revolutionising the world of finance.
Edtech, the use of technology in the form of products, apps and tools to enhance learning, is growing rapidly. The tangible benefits associated with the use of these cutting-edge technologies for corporate businesses around the world is driving a boom, with investment in edtech predicted to reach $252bn (£195bn) globally by 2020.
Edtech will have two major positive impacts on companies – cost efficiencies and greater autonomy for employees’ training.
Virtual ‘e-learning’ methods, including massive open online courses (MOOCs), gamification, AI and virtual reality, are increasingly being adopted for workplace training, as well as being used on multiple mobile devices. This means there is no longer a requirement for bricks and mortar training rooms and in-house training staff. In turn, this is likely to provide substantial cost saving opportunities for corporate occupiers both in terms of real estate and human resource management.
Technology provides the individual with greater control and edtech is no exception. It allows employees to personalise their workplace training and continuous professional development. Learning and training in the workplace can be tailored to an employee’s preferred learning style in addition to their job role and rank. For example, if the employee is an interactive learner they can choose to ‘gamify’ their training, whilst they also have the option to choose the pace of their learning.
Most importantly, the technology available to corporate firms allows employees to choose the nature of their training in terms of content or topic. With this power, they can effectively guide their own training, giving greater control over the direction of their careers. Increased autonomy over workplace training will be a key factor in increasing employee satisfaction.
Access to data
A related opportunity that edtech presents to businesses is greater access to (and more accurate analysis of) data associated with the achievements, progress and nature of employees’ training. This allows them to adapt or influence the training of particular employees if knowledge gaps are identified. Companies will also be able to use learning data to benchmark employees against a number of criteria.
Edtech is not just a new buzz word. It is something that demands attention. It is not replacing the education process in the business world but it is using technology to enhance its delivery. In a similar way to fintech, it highlights modern society’s demand for innovation and digital services.
In all aspects of our life, we want things to be made easier, more accessible and instantaneous. Now it’s the turn of workplace learning and training to be shifted by this digital revolution.