Computer Technology Changes the Business of Formal Education

What is the future of education as computer technology exacerbates the divide between education as a business and education as a philosophy? Educational institutions, regardless of size, public/private charter or funding source, are faced with increasingly business-like budgeting pressures. Technology has already removed many barriers to increased competition, such as geographic proximity, and allowed educational institutions to grow their potential markets. However, increased innovation in computer technology is also pressuring many of the more traditional aspects of higher education, including the fundamental business model. While there is no doubt that change is coming, it is not clear how future computer technology will impact the major aspects of education: Content Delivery, Structured Learning, Student Assessment and Institutional Accreditation. What does seem clear is that educational institutions that cling to the status quo will decline while those that embrace change, in both academic policy and business practice, will improve not only their institutional standing, but also the effectiveness of education in general. A new approach to the business of education is required if formal institutions are to keep pace with changing technology.