Prepare for the Quantum Era – Ensure your business is ready.
As research into Quantum Computing continues at an escalating pace, business and enterprise are actively monitoring developments. They need to prepare for Quantum Computing and undertake initial assessment and readiness planning before they fall behind.
The past two years have seen unprecedented growth covering the broad aspects of Quantum Computing.
New Quantum Computing start-ups entering the market each month. All with varying degrees of investment. Last year (2021) saw PsiQuantum raise over $450 million to further their development in Quantum Computing. This was one of the largest single investments to date.
Reports suggest there are now over 500 separate companies developing some form of Quantum Computing. With billions of dollars invested annually.
Universities, government and defence forces are also ramping up Quantum Computing initiatives, through internal independent development or partnering with public external companies.
The immediate opportunity – how to get your business ready now
The key milestone for Quantum Computing is called Quantum Advantage, its the point when quantum computers can solve business problems faster than classical computers. Or even more to the point, solve problems that classical computers can not solve.
Depending on the research you read and the company you follow, this date will vary from a couple of years to many years away.
The good news, while the technical mechanics are being worked on, business can begin testing quantum computing and developing internal capability. This in fact, is the real market opportunity at the moment.
Developing internal skills and building out models that can be tested against the already available quantum computers will enable businesses to be perfectly aligned to industry progress.
Depending on the size of an organisation, the immediate investment will vary. This could be a small team, to a single person dedicating time each week to progressing the quantum initiative.
A balance needs to be found, but progress does need to commence, and now. Businesses are already falling behind, while their competition is making inroads.
The takeaway is to ensure all businesses small, medium and large, should now be establishing a quantum computing initiative. Learning the fundamental capability of the technology and maintaining awareness at a minimum.
How will Quantum Computing impact business in the future
The full scope of quantum computing has not been realised and probably won’t for some time.
There are several use cases emerging as businesses begin to test the capability of quantum computing. These can be categorised into three top level groups: Simulation, Optimization and Machine Learning.
Under each group we can break out sub functions for example.
Simulation is being used by pharmaceuticals to test and evaluate new medicine. Battery manufacturers are using simulation to assist with evaluating new chemical make-ups.
Optimisation is being issued by logistics and supply chain to reduce delivery and travel time. Work schedule and financial services are also testing quantum computing optimisation capability.
Machine learning is evolving quickly and will probably be one of the most interesting functions of quantum computing in the future. For now, businesses are sampling data, looking to make smarter decisions and increased customer touch points.
Fast track progress
Quantum Computing is maturing at a staggering pace, there are risks, opportunities and value to be considered within business now.
CEO, CTO and all leaders need to bring the discussion to the boardroom. Don’t delay and wait for the horse to leave the gate. The opportunity to capture the capability is now, not tomorrow.
One of the best ways to develop internal IP is partnership. There are many quantum computing consulting organisations available around the world who can help leapfrog your internal progress.
Its very easy to engage with an overseas company too, so you don’t need to look for capability locally depending on your region and required skills.
