Quantum computing has been making noise for a few decades now; hailed as a new transformative innovation, businesses can benefit immensely from investing in quantum computing.
Imagine pharmaceutical companies being able to produce essential new drugs in a short span of time. Moreover, they can reduce the number of dead ends they hit, optimize their production pipelines, and get the products to market quicker.
The same applies for Logistics companies; who might now be able to dynamically manage routes for their fleets of trucks. The potential benefits of incorporating quantum computing are immense. Not only can they take a large number of variables into consideration, but they can also reduce tons of carbon emissions.
With such a diverse range of applications for quantum computing, there is no doubt that technology startups, private investors, and governments are investing billions into funding ecosystems of quantum startups.
Let’s first look at what quantum computing is and how businesses can leverage it.
What is quantum computing?
Quantum computing is a technology that is based on the laws of quantum mechanics. It is used to solve problems that are deemed too complex for classical computers to handle.
Engineers and scientists require supercomputers from time to time. But supercomputers are large classical computers with hundreds of CPU and GPU cores capable of doing large calculations in a matter of seconds.
However, supercomputers can also get stumped when they encounter complex problems because they are reliant on transistor technology. Thus, they struggle to solve some problems.
Complex problems have a lot of variables that interact in complicated ways. Examples of complex problems such as identifying patterns of fraud in financial institutions and modeling the behavior of atoms are problems that classical computers fail to solve because of the complicated relationship between the various variables at play.
That is why quantum computers are necessary because they allow us to understand problems clearly and help us solve them. Especially businesses can use quantum computers to solve real-world problems.
What business opportunities does quantum computing offer?
Quantum computing has a lot of applications in the real world. Businesses and governments can utilize them to create better products and solve complex issues.
However, we will only see a few quantum computers in the foreseeable future. What we will see is a cloud computing model where companies will lease access to quantum computers that will be hosted by a few specialized service providers, such as Azure Computer.
But they will not be used in isolation; rather, we will see a hybrid model that allocates tasks to the appropriate computer (either a quantum or a classical) based on the complexity of the task. This method will optimize the cost of the endeavor and increase access and demand simultaneously.
Medicine
Currently, it takes pharmaceutical companies several years before they can bring a drug to the market. This requires a lot of time and money. But with quantum computing, pharmacists can expedite the development process considerably, thus reducing costs. Also, they can use pre-approved drugs more easily for newer applications.
Aviation
Quantum computing can revolutionize the entire aviation industry. Quantum technology can be used to recreate aviation scenarios. Commercial airlines can reduce costs and time through aircraft routing.
Data Analysis
Data analysis has become an important aspect of every business. Marketing companies use data to tailor their marketing strategies accordingly. Moreover, NASA is investing in quantum computers to analyze the data they receive about the universe.
Forecasting
Quantum computing can also help in forecasting. Currently, we only rely on a few factors to make a prediction, and adding more factors can make the process even longer. But quantum computing cuts time and also provides accurate results, resulting in organizations reaping greater economic benefits.
Cryptography
Another way businesses can use quantum computing is to encrypt the data of their customers. With quantum computing, businesses can leverage large prime number factorization and ensure better protection for their digital assets.
Pattern Search
Quantum computing can also help in predicting future patterns. With complex data and multiple variables, quantum computers have the necessary computing power to find patterns in a system. For example, analyzing past traffic conditions with quantum computing can help us recognize patterns in peak times, congestion areas, and the best times to travel.
Why might businesses be interested in using quantum computers?
It’s actually hard to provide a date for when we will actually see a functioning quantum computer. Google is investing heavily in quantum computing and aims to build a quantum computer in 2029.
But quantum computing is here, and it won’t be too soon to start making plans on how to leverage it, reap the benefits, and avoid the pitfalls that it might bring over the years. You first have to assess the potential quantum computing has in your field. Next, you need to see how your competitors are approaching this technology and understand whether it is feasible to make the jump.
You also need to identify the right use cases, select the right partners, and then create a management system that allows you to generate business value in the short term, and prospects for the long term. By identifying the appropriate use cases, you can effectively deal with the challenges and manage expectations better.
Conclusion
Quantum computing will change the way businesses operate. They will not only bring new insights to the stakeholders but will also help in managing logistics, operations, and sales. With more computational power, businesses will be able to analyze complex data sets and gain insights that can power their marketing campaigns.
Hence, businesses have to start looking at quantum computing not as a mere concept but as a practical reality.
