Providing EdTech solutions for students and teachers in the remotest corners of India
CXOToday has engaged in an exclusive interview with Vinay Singh, Executive director and CEO, Thomson Digital
Q 1: Kindly brief us about the company, its specialization, and the services that your company offers.
Over the last five decades Thomson Digital has emerged as a global leader in publishing solutions. We have worked extensively with international clients to provide them with transformational workflow and technology solutions, e-learning, content development, processing, and rich media development.
Our growth has been powered by transformative digital technologies like Artificial Intelligence, Machine Learning, and Natural Language Processing that we have leveraged to help our customers’ businesses evolve. We have focused on harnessing the power of disruptive technologies that have characterized growth during the 4th Industrial revolution for the world of publishing.
As we stand today at the cusp of the 5th Industrial revolution, we are preparing to enter the domestic market with a very unique offering for the Indian EdTech market. Having worked closely with education publishing, we have been keenly following the gaps that the EdTech sector has been trying to fill and has not been able to fill. Covid-19 further highlighted the interdependence of humans and machines and perhaps is hastening the advent of Industry 5.0. This new era is characterised by deep personalisation and “multi-level” cooperation between the two for transformative results.
Q 2: With what mission and objectives was the company set up? In short, tell us about your journey since the inception of the company.
I joined Thomson Press three decades ago as a trainee and within a few years I was tasked with taking care of the division that was working with international clients. This unit grew to become Thomson Digital, which today has offices across India and even in New York, London, Paris and Mauritius.
Thomson Digital had been established to leverage the power of technology to bring in efficiency and enhance quality in the publishing world. We believe in being authentic and bringing in real value for our customers. Our endeavour has always been to perfect all our offerings before releasing it and of course to keep improving the offerings that exist.
It is the same philosophy that is guiding us with the newest EdTech product that we are working on. We have a legacy of trust that we value deeply and hence we are conscious that this sector needs committed players. Our mission with this product is to help every student become the best that they can be. We also hope to address some of the issues of access and equity with how we bring it to the market.
Q 3: What is your biggest USP that differentiates Thomson Digital from competitors?
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.
Q 4: According to you, what are some of the challenges faced by the Edtech industry? And what is the scope of innovation?
The EdTech Industry in India has revolved around moving offline education to online in the last few years. It has mostly focused on making good tutors and classes available online from any location. In doing so it has missed on empowering the schools and created a parallel institutional structure. Current solutions are also increasing the digital divide as they are expensive and become an extra burden on families which already spend enough on regular school education.
True innovation should be reducing the burden of parents and students rather than increasing it in terms of financial investments. Moving from offline processes to online is the first step in going digital but we can unlock more value for all participants by enabling digital transformation that truly leverages the fusion of technologies like AI, ML and Big Data to offer personalized solutions. Such solutions can actually change the way quality education and coaching can be offered at scale in an affordable manner.
Q 5: Where do you see growth coming in for the sector?
Edtech in India has seen immense growth in recent years and the country is now called the global edtech capital. Global online education is expected to see a compound annual growth rate (CAGR) of 9.23% from 2020 to 2025, amounting to a total market size of over $319 billion by 2025. Indian edtech companies having made their mark in the domestic space, are now turning their sights to new markets overseas to explore ways of acquiring customers.
Progressive regulations such as the National Education Policy (NEP) are also fuelling growth. However, the sector does need to come up with more innovative products harnessing the true power of tech for sustained growth. The next wave will be driven by how effectively we are able to apply the principles of Industry 5.0.
Q 6: Kindly share your point of view on the current scenario of implementing AI and Machine Learning in the Education Sector.
Artificial intelligence has changed the way we learn, and as a result, it has become a focussed area in education circles. AI software allows us to monitor a child’s online activity more closely than ever before. Schools can use AI to analyse data points such as how well different students comprehend material. This information can then be used to group kids based on what they need, so that they can receive targeted instructions.
Also, when it comes to personalized learning, it is very similar to personalized recommendations offered by online marketplaces. The courses and subjects recommended to learners are based on their interests and preferences. AI for online learning can help teachers understand the abilities and limitations of each student.
This makes it easier for students and teachers to create an exclusive course plan that is curated just for them. Smart tutoring systems that use AI to offer students personalized feedback can help them understand their strengths and weaknesses, as well as how to improve. Teachers can also use these systems to create interactive sessions and flashcards based on lesson plans, which can help students stay engaged and motivated to learn.
Q 7: What are your growth plans for the next 12 months?
We are currently in the process of testing our newest EdTech offering in a few select markets. We hope to be able to launch it in the next few months. We want to be able to cater to the needs of students and teachers in the remotest corners of India and hence in the next 12 months we will be reaching out to them.
We will refine the intelligence of the platform as more users adopt it and then scale it up to larger markets. Since we are funded internally, our plans for growth are different from a typical VC funded initiative and we want to scale-up more organically. We have a strong roadmap for the product, and we will implement it in a phased manner. The next year is going to be more about deeper learning about the needs of the students and sharpening our offering.
Q 8: What is your vision for the EdTech sector?
We believe that the sector can power the transformation of our country. With a Gross Enrolment Ratio of 26%, and a limited number of institutions, EdTech might be the decisive way to mitigate the risks of “demographic curse” by making top quality learning and training available to the maximum number of youths, at the lowest cost possible.
But EdTech players can only do that if they remain deeply committed to learner-centric solutions and business models. At the end of the day, education is a ‘social good’ and business goals have to be balanced with actual value and impact the venture creates. Chasing growth at all costs may be detrimental to the confidence and trust people attach to the idea of education and educators.
India offers tremendous challenges and that should inspire multiple innovations and new players to emerge. It will be important for such players to collaborate and not compete to expand the pie and create unmatched social and business value for our country.
