What Companies Need To Know About Quantum Computing, And What Problems It Can Solve

According to an IBM study, 64% of Chief Information Officers (CIOs) -- more than any CxOs -- state technology factors as one of the most potent external influences that impact an organization. It shows that CIOs are acutely aware of the disruptive power of technology and are more sensitive to it than before.

Enterprises have transitioned from data-driven to AI or analytics-driven solutions in the last decade. This decade, which we call The Quantum Decade, is likely to transition from an AI-driven enterprise to a discovery-driven one.

Representative Image: Rigetti Photo

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AI-driven solution ¡®looks back¡¯ on data available for inference while discovery-driven solution ¡®looks ahead¡¯ in terms of the possibilities and can potentially uncover solutions that were previously not possible.

However, the discovery-driven solution requires powerful computing over and above what can be done with today¡¯s computers (CPUs, GPUs, etc., which we call classical) and tackling hard-to-compute complex problems. Quantum Computing is that new technology that will form the compute triad with classical and AI in the coming decade.

CIOs are always looking for the advantage that will give them an edge over their competitors. Quantum technology will likely bring about a profound computing revolution that could significantly disrupt established business models and redefine entire industries.

A Gartner survey projects that 44% of enterprises globally expect quantum to substantially impact businesses in the next 3-5 years. Today the big questions all CIOs face are: when they should adopt quantum computing, what problems they should solve and how they should leverage quantum for their enterprise?

When should the CIO take their enterprise on the quantum journey?

Gartner predicts that by 2023, 20% of organizations globally will be budgeting for quantum computing projects. We will likely begin seeing industry applications where quantum computing will make significant gains. Enterprises that invest in understanding this technology sooner are likely to have a substantial first-mover advantage as it leads to innovation, workflow enhancement, and, most importantly, skill development.

Also Read: China's Built World's Fastest Quantum Computer, 10 Million Times Faster Than Google's

IBM

There are 3 phases in the quantum journey for an enterprise: (i) awareness, (ii) readiness, and (iii) advantage. First, an enterprise needs to be ¡°aware¡± of the disruptive potential of quantum computing and internalize the technology¡¯s progress and trend lines. As the hardware matures, the quantum-ready enterprise will take advantage of it to potentially disrupt the marketplace.

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It will then naturally lead to having a team that starts working on this technology and becomes more hands-on, and in time the enterprise becomes ¡°ready¡± for the technology. These are time-consuming processes that require attention and roadmap to start thinking about and investing in the technology.

What problems should enterprises solve using quantum computers?

To an enterprise, quantum computing provides the real potential to uncover impossible solutions. While today¡¯s quantum hardware is still evolving, they offer enterprises a path to aggressively explore the potential for industry transformation and to seize Quantum Advantage in the future. Some industries like materials, chemicals, fertilizers, energy, finance, healthcare, shipping, logistics have started exploring new use cases for their industries.

This list of industries is growing because quantum computing can supercharge AI, optimization, Monte-Carlo simulations, multidimensional search, molecular interaction simulation, etc., which are applicable across industries.

How should the CIO get their enterprise quantum-ready?

IBM

The quantum journey for each enterprise begins with awareness about the technology¡¯s disruptive potential. In parallel, it is essential to dig deeper into current business workflows and understand where the compute bottlenecks are. If these bottlenecks are due to computational limitations, then they are likely good candidates for quantum.

Also Read: Empowering Quantum Jobs: Top Five Skills For Quantum Coding That Will Be In Demand

Today quantum computers are available over the cloud from multiple vendors enabling enterprises to access and start using them immediately. This allows exploring solutions as the technology evolves. Further, platform providers have created programs to help enterprises with their quantum journey.

CIOs need to begin mobilizing resources to grasp early learnings and start the journey to quantum; it would be smart to become part of quantum communities and collaborate with quantum experts to explore solutions to problems of interest. CIOs must get their enterprise quantum-ready by estimating how quantum can disrupt and reshape the business model.

Quantum Skill Development | IBM

Quantum computing will need to be deeply integrated into existing workflows and business models in a way that it supercharges them. To achieve this CIOs will need to develop a team that is comfortable with quantum computing.

The team should possess skills to experiment and iterate with scenario planning, identify areas to integrate quantum computing and help leapfrog over competitors by solving challenging business problems. It is essential to have a good mix of people with an advanced STEM degrees. This team can then collaborate with quantum computing experts to leapfrog into the quantum journey.

Conclusions

Quantum computing is a fundamentally different computing model based on quantum physics that leverages unique properties like entanglement to provide value. This model has the potential to solve some hard-to-compute complex problems.

Quantum hardware is evolving rapidly. The next big wave of innovation will involve enterprises discovering and developing solutions that explore the space of possibilities rather than infer from data in the past. Quantum computing is the technology that is critical in transitioning enterprises to become discovery driven. The quantum decade beckons¡­time for enterprises to gear up for it.

About the authors: Venkat Subramaniam, Senior Technical Staff Member & Senior Manager - AI Science Research, IBM and Shesha Shayee Raghunathan, Senior Engineer and IBM Quantum Distinguished Ambassador. Views expressed here are authors' alone.