Even today, quantum computing remains shrouded in mystery for many business leaders. They know it
has the potential to change the world, but they don’t understand how it works or what it can do for
their businesses.

 

But quantum computing is coming to the business world, whether they’re ready or not. The impetus is
on business leaders to begin thinking about its use cases. “It won’t make or break your business in the
near term, but a solid understanding of quantum applications today is crucial for positioning your
company to reap the benefits—and avoid potential catastrophe—during the next decade,” as Harvard
Business Review (HBR) describes.

 

In this article, we identify aspects of the business potential of quantum computing. We explain quantum
computing in a way that business leaders can understand, and we discuss future use cases,
misconceptions, and pitfalls for quantum computing in business.

 

What You Should Know about Quantum Computing Today

 

Let’s begin by defining quantum computing in principle and in terms of how it functions. Quantum
computing is a type of computing where information is processed using quantum bits, or qubits. This
differs from classical computing, where information is processed using binary digits, or bits.

 

Simply speaking, quantum computers can process more information at once. Quantum computers can
solve complex problems much faster than classical computers as a result.

 

Exponentially faster, in fact; and with less energy consumption. One study measured a sampling rate of
10 14 times the speed of today’s cutting-edge supercomputers. In a convenient analogy, HBR explains that
while classical computers might solve a maze by trying out each pathway one after another, a quantum
computer tries all pathways simultaneously to find the right one.

 

Effectively speaking, qubits are like regular binary digits except they can process two values at the same
time. In computer science parlance, qubits use quantum superposition and quantum entanglement to
process information to process more information at once.

 

● Quantum superposition is when quantum particles can exist in more than one state at the same
time. In quantum computing, quantum particles are connected to each other through quantum
entanglement. The result of this connection is that quantum computers can process information
at unparalleled speeds.

 

● Quantum entanglement is when quantum particles are connected to each other. Quantum
entanglement allows quantum bits, or qubits, to be connected in a way that increases the
processing speed of quantum computers.

 

Quantum computers are powered by quantum processors, which contain many connected qubits. The
more qubits a quantum processor has, the more quantum computation it can do. These advantages
mean quantum computing can even solve problems that are too complex for classical computing
altogether. Quantum computers can also factor large numbers very quickly, which will be critical for
future cryptography and security.

 

Quantum Computing Has Already Made an Impact

 

● The D-Wave quantum computer, with its 512 qubits, is currently being used by Google, NASA,
and Lockheed Martin to solve complex problems. The quantum processor in the D-Wave
quantum computer contains 512 qubits.

 

● IBM also has created a quantum computing system called the IBM quantum computer, which
contains 50 qubits.

 

● The company Rigetti has created a quantum computing system called Forest, which is used by
businesses to run quantum algorithms on quantum processors that contain 32 qubits. Rigetti
also offers a cloud service for customers who want to develop and test their own quantum
algorithms.

 

These are not the only quantum computers operating or under development. Quantum computers will
grow more common and find a wider variety of applications moving forward.

 

Why Quantum Computing Matters for Business

 

 

Now that we have a basic understanding of quantum computing, let is discuss why it is important for
businesses.

 

First—since quantum computers can process more information at once than classical computers can,
they are ideal for big data processing and data analytics. In fact, quantum computing may be the only
way to keep up with the data growth rates we are seeing today.

 

Second—since quantum computers can solve certain problems much faster than classical computers
can, they are ideal for complex problem solving executed by machine learning and AI technologies. As
these technologies become more critical to customer service, operational efficiency, marketing, and
other capacities, companies who leverage quantum computing will achieve a competitive edge.

 

Finally, and perhaps most importantly—quantum computing has the potential to revolutionize
cryptography and security. Already, quantum computing is being used to create new quantum-safe
encryption algorithms, which will be critical to keeping data more secure in the future. That’s because
bad actors will use quantum computing themselves to “crack many of the defensed used to secure the
internet,” as Scientific American describes. Companies without quantum-enabled IT security are at high
risk as quantum computers become more readily available to these attackers.

 

Hopefully, legitimate cloud-based quantum computing security services as well as quantum computing
itself will be available to a wider variety of companies before these tools are accessible to would-be
attackers.  “From a cybersecurity perspective, [quantum computing] has the promise to enable a
substantially enhanced level of communication security and privacy” Forbes reported in January 2021.

 

7 Business Use Cases for Quantum Computers

 

Let’s look a little closer at some potential and even existing business use cases for quantum computing.
Consider how any of these functions might help you drive business value if you’re considering quantum
computing for your own organization.

 

● Optimizing supply chains. Quantum computing could help businesses optimize their supply
chains by quickly identifying the most efficient routes for shipping goods, in real time.

 

● Improving customer service. Quantum computing could be used to improve customer service
by quickly identifying and responding to customer needs in real time, and with much more
accuracy and deeper contextual understanding than classical computers.

 

● Developing new products. Quantum computing could help businesses develop new products by
quickly analyzing large amounts of data about customer preferences, market trends, and even
design aesthetics, and subsequently offering a variety of options, features, and
recommendations.

 

● Improving database efficiency. Quantum computing could be used to improve the efficiency of
databases by quickly finding and eliminating duplicate data; by sorting and categorizing data; by
optimizing data discovery; and by optimizing data governance, even in democratized data
environments.

 

● Securing data. It’s certain that quantum computing will be used to secure data from hacking
attempts, most likely by creating quantum-safe encryption algorithms that are impossible to
crack using a classical computer.

 

● Machine learning. Quantum computers could be used to train machine learning algorithms
much faster than classical computing—a critical time saver that presents more opportunities for
machine learning applications and experimentation.

 

● Optimization. quantum computers can be used to solve complex business problems related to
optimization much faster than classical computing—the traveling salesman problem, for
example, which relates to several business functions.

 

Facing Our Shared Quantum Reality

 

Quantum computers are already a reality, but quantum computing is still in its infancy in terms of
practical applications. Despite all its promise, it’s easy to get caught up in the hype surrounding
quantum computers as well.

 

“Something about quantum computing makes it especially prone to hype,” explains Scott Aaronson,
computer scientist and quantum computing expert, in Scientific American. “Perhaps because ‘quantum’
stands for something cool you shouldn’t be able to understand.”

 

There are practical considerations even beyond buying and implementing quantum technology:
specifically, employee adoption. Employees who work with data will need to know how to use quantum
computing software. If companies are to use quantum computers to develop new products and improve
customer service, employees in those departments will need to become familiar with quantum
computing functionality as well. Alll these steps are critical to realizing true ROI from quantum
computing investments.

 

No matter the case, customer spend on quantum computing is expected to grow from $412 million in
2020 to $8.6 billion in 2027, as IDC reports. Companies should prepare for the inevitability of quantum
computing if they want

 

Partner with Uvation as You Prepare for Quantum Computing

 

The experts at Uvation can help you identify quantum computing applications in your organization.
Contact one of our IT experts and begin a conversation about your future quantum computing initiatives
today.