Today’s businesses are always looking for new ways to improve their operations and gain a competitive edge in the marketplace. Quantum computing is a technology that could significantly alter established markets. Because quantum computers can solve problems exponentially faster than traditional computers, they have the potential to completely transform business models and value chains, leading to significant advances in fields as diverse as chemistry, biology, healthcare, finance, artificial intelligence, material science and more. In this post, we will discuss how quantum computing could help organizations prepare for the future and how it can reshape their competitive advantage.
In today’s business world, optimization is a must. It involves finding the best ways to solve difficult problems. However, the complexity of optimization has increased dramatically as companies face an explosion of data and new problems, including hybrid workspaces and hyper-personalized consumer experiences. The time constraints and troubleshooting difficulties caused by these highly complicated, multi-layered scenarios are insurmountable on conventional computers. D-Wave commissioned a study that proves it 39% of companies give up on solving complicated problems due to these constraints. That’s where quantum computers come in handy.
The technique for solving problems offered by quantum computing is extraordinarily powerful. Quantum computers can find optimal answers that are inaccessible to conventional computers due to their ability to examine a considerably larger set of possible solutions. When applied to optimization problems in a broad range of fields, the ability of quantum hybrid solutions to exploit both classical and quantum computing capacity becomes clear.
Take for example the case of optimizing the logistics system. Optimal point-to-point path design of a large-scale logistics network is a difficult problem for conventional supercomputers to tackle. However, the vast space of possibilities can be explored much more quickly with quantum computing. When used for airline flight schedule optimization, for example, quantum computing can generate specific day itineraries by destination for thousands of passengers. Customer travel times, airport congestion and airline fuel costs can all benefit. Companies can gain an edge in industries where logistics plays a key role by building quantum solutions for logistics network architecture optimization.
Forward-thinking companies are investing in commercially viable quantum computing technology to tackle complex optimization problems. More than 80% of companies surveyed in a report commissioned by D-Wave said they plan to increase spending on quantum computing in the years to come. These companies understand that the adoption of quantum computing can confer many business benefits, including quantum simulation, quantum optimization, and quantum-assisted machine learning.
The accuracy with which companies can model and simulate complicated systems has greatly improved with the advent of quantum simulation. In fields such as chemistry, biology and materials research, where simulations can accelerate discovery and product innovation, this could have far-reaching consequences. As mentioned earlier, companies can quickly identify optimal solutions to complicated problems using quantum optimization. As a result, you may be able to cut costs, increase productivity, and make wiser choices. When quantum computing is combined with machine learning algorithms, it can improve data analytics and predictive analyticsoffering organizations new ways to glean insights from massive datasets.
Although quantum computing has enormous potential, encounters obstacles which must be overcome before it can be used by businesses. It takes time and energy to create an internal Quantum Center of Competence. There is intense rivalry for the small pool of experts in quantum computing. Understanding all the implications of quantum computing on a given industry could be time consuming.
But now is the time to act. The advent of quantum computing could completely revolutionize many different markets. Companies that will be early adopters of quantum computing will be in a unique position to establish themselves as market leaders. Companies can start their quantum journey and secure their future by collaborating with quantum computing experts, investing in training programs, and leveraging cloud-based access to quantum computers and quantum hybrid solvers.
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