Cracking the quantum conundrum: Finding the right use cases for your business
June 22, 2023 / Sean Tinney
Short on time? Explore the key takeaways:
- Quantum computing is no longer relegated to works of science fiction. Still, organizations need to be mindful of how they can best implement this technology in their day-to-day operations.
- Only some problems need the power of quantum computing.
- The best type of problems quantum computing can solve are dynamic and those that decipher large volumes of data quickly to meet real-time needs.
- Examples of industries that can benefit from quantum computing include logistics management, financial services and pharmaceutical research and development.
No longer relegated to works of science fiction, quantum computing has become one of the most potent tools organizations can use to level up their operations and boost efficiency. The more powerful the technology, the more important it is to wield it responsibly.
Quantum computing has the potential to revolutionize how organizations operate, offering higher efficiency, reduced risk and increased output — all in a blink of an eye. But finding the right problems to solve can be a conundrum.
Yes, you must get acquainted with quantum computing basics and ensure you have the right talent. But to be effective, you must find suitable applications for quantum computing. In this post, we'll explore how to identify the types of problems quantum computing can tackle and provide use cases across industries to help you crack the quantum conundrum and harness this powerful technology.
Identifying quantum problems
While quantum computing can process ridiculous amounts of data in near-real-time, determining where to apply it requires careful consideration. By focusing on four key factors, you can determine whether quantum computing is the right choice for your business — and when it could be overkill.
1. Data volume
One of the most significant advantages of quantum computing is its ability to process large amounts of data in real time. If your business is dealing with massive datasets that require complex computations, quantum computing could be a game-changer. With quantum computing, you can analyze data sets in seconds or minutes instead of hours or days, giving you a competitive edge.
2. Conjecture
If your business needs to make predictions or generate simulations, quantum computing can be an excellent tool. Quantum computing's ability to process multiple variables simultaneously allows it to accurately model complex systems, leading to more precise forecasts and simulations
3. Urgent business need
Quantum computing is particularly useful for solving time-sensitive problems that require quick decision-making. For example, quantum computing could be used in finance to analyze market data in real-time to make rapid trading decisions.
4. Complexity
Industry use cases ripe for quantum computing
Another good litmus test for any quantum-enabled problem-solving is if it can impact multiple levels of the organization. For example, can it drive a better customer experience on the front end? Minimize waste and inefficiency in the middle office? Reduce costs on the back end? If so, then it is truly impactful and successful.
Organizations have succeeded without deploying quantum, but capabilities and customer expectations are changing, leading to organizations looking to optimize and drive even more revenue and reduce waste with it. Here are some examples of industries and challenges that are poised for transformation.
Optimizing the last mile for logistics management
One industry that could benefit from quantum computing is logistics management — specifically last-mile logistics. When you’re dealing with three trucks routing to 15 locations, there are millions of possible solutions. The process of getting the right inventory to the right place at the right time requires a large volume of data and is dynamic, meaning that data can change rapidly. Some of these rapid changes include weather events, traffic, delays, damages and anything that can impact routing and schedules.
Using artificial intelligence (AI) and advanced analytics, organizations can begin structuring the decision tree process and predicting and prescribing the likelihood of outcomes based on historical data. However, the volume of data involved in logistics management is still a challenge for traditional computing methods. With its ability to process massive amounts of data and provide near-real-time solutions, Quantum computing could be a game-changer for logistics management by providing the processing power needed to handle massive amounts of data and provide near-real-time solutions.
Preventing financial loss and reducing risk
The financial services industry generates and processes a vast amount of data daily, ranging from transactions, customer profiles and market trends to regulatory requirements. This data is crucial for financial institutions to make informed decisions, manage risks and maximize profits. However, analyzing massive amounts of data in real time is challenging for classical computers, especially in complex computations such as risk modeling, fraud detection and portfolio optimization.
Quantum computing, on the other hand, has the potential to revolutionize financial services by processing and analyzing vast amounts of data at lightning-fast speeds. It can enable dynamic risk adjustment, which involves continuous monitoring and adjusting risk exposures based on the latest market information and data. This real-time analysis and decision-making can help prevent financial losses and improve the performance of investment portfolios.
Bringing pharmaceuticals to market faster
The highly regulated-pharmaceutical industry process of developing a drug from preclinical research to regulatory approval and commercialization is complex, time-consuming and costly. Quantum computing has the potential to revolutionize the pharmaceutical industry by optimizing the drug discovery process, streamlining traditional computing methods and enabling faster and more cost-effective development of new drugs for patients.
One of the significant challenges in drug discovery is predicting the efficacy and toxicity of new drug candidates. Using quantum computing, researchers can simulate the molecular behavior of the drug candidates more quickly and accurately, leading to faster identification of promising drug candidates and eliminating the ones with poor efficacy or high toxicity.
Quantum computing can also optimize clinical trials, which tends to be a significant bottleneck in drug development. By running simulations on quantum computers, researchers can optimize the clinical trial design, identify the optimal dosages and predict the possible side effects, leading to faster and more efficient clinical trials.
Start your quantum revolution
Quantum computing could revolutionize various industries. However, to maximize its impact, it should be combined with AI and advanced analytics. Organizations that can effectively merge these technologies have a greater potential for competitive advantage.
While quantum computing is a less mature technology, its processing power can be a game-changer if used in the right way. As quantum computing advances, its potential to solve complex problems and transform industries will continue to grow. A partner like Unisys can help you determine the most efficient way to solve the problem with this type of processing power and innovative solutions.
