With the advent of e-learning, US universities are increasingly looking for transcription services. Verbit, an AI-powered captioning, and transcription platform has raised $60 million in funding. The company boasts of some of the biggest educational institutions as clients including Harvard, and Stanford.
Verbit is anticipated to develop and accelerate in the coming months, as the company has raised more than $100 million within the last ten months. One of the key reasons for the on-going development is the limitation of conventional freelancers to fill gaps for captioning. Nevertheless, classroom knowledge represents tremendous potential to attract students to major universities like Harvard, Stanford, among others. Moreover, the rising favourability of e-learning among new students will likely stay even after the pandemic.
Challenges of Higher education
One of the biggest challenges in US higher education is the rising student debt. However, new developments have helped universities to reduce costs. For instance, FDU, the largest private university in New Jersey has reduced its cost by one-quarter during the pandemic. Likewise, other universities will likely follow this suit.
On the other hand, e-learning promises to make the job easier for teachers as they can reach many students with a standard classroom lecture. However, as colleges witness nationwide closures, students are also missing out on the college experience.
The college experience has often been debated for its potential. However, there is no question that many students prefer to go to the best schools due to the network for life that these institutions provide. For example, universities like Stanford and Harvard can provide access to the best employment opportunities through Alums, which may be entirely out of reach for less prestigious colleges.
The AI-Driven Future for Higher Education
AI will likely change many admission processes for students in the near future. If you are an aspirant, you might need to pay keen attention. AI promises to change the way recruiting teams to hunt potential applicants. Today’s AI promises to predict the regions the future applicants come from. Besides, this AI also promises to predict their future progress, graduation path, and engagement as an alumnus.
This development is still largely under wraps and only time will decide what the AI-driven future holds for higher education. Simultaneously, there are some promising changes to college experiences as well.
AI promises to make college experiences more personal for students while taking into account their personal preferences and developing a system that works best for them. So, are you ready to taste a new college experience driven by AI?