Other parts of this series:
Quantum computing has a lot of potential but it’s still in-progress. What can we expect next?
In part 1 of this series, we took a look at a few terms to get our bearings and see how quantum computing outperforms conventional electronic computing. In part 2, we examined how quantum computing may potentially change the financial services industry. To conclude, we’ll discuss what is next for quantum computing, and how financial services companies can prepare to position themselves to take advantage of everything it has to offer.
How soon can we expect to see the impact of quantum computing?
Quantum computers are expected to reach their real potential—which could require the power of millions of qubits—over the next decade.1
However, that doesn’t spell the immediate extinction for the computers we use today. For the foreseeable future, it’s going to be more cost-effective to use electrons instead of entangled photons to update your Twitter feed.
In computing terms, it’s such an evolutionary leap that investments made in the next decade are overwhelmingly going to be biased towards legacy technology, even as “big iron” tasks such as economics and medical research increasingly rely upon quantum computers.
Leaders should take steps to have their businesses ready for the cutting-edge technology innovation that is quantum computing.
As I said in my last post, enterprises that begin business experiments with quantum technology now will be better prepared for major industry change that could come through the introduction of quantum computing. The potential gains that could result from being prepared alone justify the investment, still globally in the single-digit-billions. Yet, just as with the evolution of the classical computers we use today, creators and entrepreneurs will continue to push the frontier, inventing new applications and attracting investors.
How can financial services companies prepare?
It would be smart for financial services companies to start looking into how they can benefit from this technology now because it will be here fast and the first companies out of the gate will have the advantage of tapping into an uncharted territory that will offer seemingly endless opportunities.
To start, consider these opportunities:
- Learn about the state of the art: Encourage your organization’s key innovators and strategists to learn about quantum computing and the tools available to harness it, and keep up to date on the latest developments.
- Discover the potential: Identify areas of the business where today’s quantum computers can make a difference.
- Test initial use cases: Accenture is already working with clients to conduct quantum business experiments. These experiments are designed to discover viable quantum problems using a select set of pre-programmed quantum algorithms, identify if these algorithms are effective replacements for existing classical computing implementations, and develop a quantum application to demonstrate their functionality. Organizations that are testing now place themselves ahead of the curve when it comes to capitalizing on the opportunities quantum computing promises.
- Get a head start on quantum-ready apps: Build quantum-ready applications on top of hardware-agnostic interfaces. This approach allows for seamless switching between different types of quantum computers as they evolve, giving you a first-mover advantage on leveraging the latest and greatest quantum computers while offering a significant cost savings by eliminating the need to constantly rewrite applications.
By learning more about the fast-evolving market, identifying where quantum computing is likely to impact the business, and preparing with quantum-ready applications, financial services companies will be positioned to capitalize on the opportunities that quantum computing is sure to bring.
The quantum revolution is coming. Be ready—it will be here before you know it.
- “Quantum computers are about to get real.” Sciencenews.org, June 29, 2017. Access at: https://www.sciencenews.org/article/quantum-computers-are-about-get-real.