Will technology transform education? Certain conditions apply
New digital tools in education are a source of innovation, progress, and efficiency. But only with investment, vision, and commitment will we benefit from their full potential.
Education is one of the fundamental pillars for the advancement and progress of individuals and societies. The COVID-19 pandemic marked a turning point that significantly impacted educational systems. To control the spread of the disease, one of the primary measures adopted by governments was the closure of in-person school establishments.
Moreover, on average, Latin America and the Caribbean was the region that kept their schools closed, either partially or entirely, for the most extended period: 70 school weeks between February 2020 and March 2022, considerably longer than the global average of 41 weeks.
In this context, the education sector resorted to technologies to remain operational. The clearest example of this digitization process was how educational institutions, teachers, and students had to connect through online educational platforms to ensure continuity in learning activities.
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Additionally, with the gradual reopening of schools, many educational organizations adopted a hybrid approach combining the best online and in-person education. This model offers numerous advantages, primarily expanding the educational system's capacity to provide high-quality online learning.
IDB Invest and NTT Data have conducted a series of studies to provide findings, insights, and recommendations on how new technologies are transforming various industries. As part of this series, the study "How New Technologies Are Transforming Education in Latin America and the Caribbean" shows that digital transformation is changing how the sector operates to improve learning quality and foster digital skills.
On the other hand, digital tools enable students to access educational resources anytime, anywhere, providing flexibility in learning and a more personalized experience. For example, applications like Zoom enable class attendance and collaboration on group projects without traveling.
Additionally, platforms like Moodle facilitate course management, educational materials distribution, and teacher results tracking.
The role of stockholders
The advances in new technologies have also profoundly impacted the labor market's evolution, changing its demand with increasingly sophisticated and specific needs, necessitating the development and learning of digital skills.
For this reason, many educational institutions, especially universities, are promoting collaboration among all stakeholders, including the business perspective, with a clear purpose: to promote students' job placement and employability by aligning training needs with business demand.
This new educational paradigm allows the emergence of digital solutions that bring innovation to the sector. In this regard, BID Lab, the innovation laboratory of the Inter-American Development Bank (IDB), has invested in the Colombian startup Slang. This educational platform supports students in entering the job market.
One of the most prominent models in the region is Online Learning Platforms, known as MOOCs (Massive Open Online Courses). These platforms offer affordable online courses and allow access to millions of users. Particularly relevant is the recognition and certification of skills or knowledge acquired in these courses through digital badges that are accumulative, comparable, and prestigious in the job market.
Investing in tomorrow
Less known currently but with growth prospects in the coming years are Income Sharing Agreements (ISA), where students receive funding for their studies in exchange for committing to pay a percentage of their future earnings. Companies like the Mexican Quotanda are already starting to offer these personalized services for financial aid programs.
However, technology alone is not the panacea for all educational problems in the region. A deep reflection is needed to change the perspective on education, turning it from a mere expense into a valued investment in the future. Going a step further, this investment in the digital transformation of education will yield economic returns and foster inclusive and quality educational systems.
Ultimately, every effort to improve education in Latin America and the Caribbean is a long-term investment in empowerment, equal opportunities, and sustainable growth. With a shared vision and continuous commitment, the education sector in the region will transform to provide future generations with the tools and knowledge needed to thrive in an increasingly complex and connected world.
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Authors
Guillermo Mulville
Guillermo leads the Telecommunications, Media and Technology (TMT) Team at IDB Invest, which he joined in 2016. He is responsible for developing business strategies and plans, and for managing clients and structuring the transactions of the TMT sector in Latin America and the Caribbean. Before joining the IDB Group, he worked at the International Finance Corporation (IFC) for more than nine years, as Head of the TMT sector for Latin America and the Caribbean. He previously worked at ABN AMRO Bank for 12 years. He was Enron International’s Global Finance Manager for two years. He served as board member of Pan-African and Pan- American companies engaged in broadband and cell tower distribution and infrastructure, with portfolios in various countries in Latin America and the Caribbean. Guillermo earned a master’s degree in finance from Universidad del CEMA and a professional degree in business administration from Universidad de San Andrés (both in Argentina).
Cristina Simón
Cristina leads the Social Infrastructure Team at IDB Invest, which she joined in 2018. She is responsible for developing strategies and business plans, and for client management and structuring of transactions in the health and education sectors in Latin America and the Caribbean. Before joining the IDB Group, she worked at Deloitte for ten years in Colombia, Brazil and Spain as Director of Infrastructure Finance and Public-Private Partnerships and Director of Infrastructure Advisors. She previously worked at PricewaterhouseCoopers in the Infrastructure, Government and Public Services Department in Madrid, Spain. Cristina earned a master’s degree in corporate finance and investment banking from Instituto de Estudios Bursátiles (IEB) in Madrid (Spain) and a professional degree in business administration and Management from Universidad Complutense de Madrid (CUNEF) (Spain).
David Brogeras
David leads the Digital Transformation Advisory Services team at IDB Invest, which he joined in 2021. His role involves developing advisory and knowledge services that address the challenges of digital transformation in the private sector, and its impact on sustainability, through the incorporation of technological solutions supported by platforms, data analytics, and artificial intelligence. Throughout his career, David has been a partner at two of the world's leading consulting companies, specializing in digital transformation. Additionally, he is an entrepreneur and co-founder of two technology companies. David holds a Bachelor's degree in Physical Sciences from the Universidad Autónoma de Madrid. He has experience in navigating changing and complex business environments in Europe and Latin America, consistently achieving notable team objectives.
Lorenzo Colombo
Lorenzo Colombo leads the Digital Strategy business unit for Colombia at NTT DATA. In his professional career, he has held various executive positions in Colombia, the United States, and Latin America, helping clients in their transformation processes through consulting in strategy, operations, and evolution towards new technologies. He holds a degree in Electronic Engineering from the Universidad de los Andes and postgraduate degrees in Business Administration and Corporate Finance.
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