EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
How EY can help
-
Our tax professionals can help your business manage tax big data in a way that enables efficient compliance and provides strategic insights. Learn more.
Read more
Technology commentators have also been talking excitedly about the potential impact of quantum computing for some time. Rather than relying on the zeros and ones of conventional binary computers, quantum harnesses the unusual behavior of subatomic particles known as qubits, which can be both zero and one at the same time.
Engineers are currently attempting to harness this astonishing quirk, known as quantum superposition, in an effort to develop powerful quantum computers capable of executing huge numbers of calculations simultaneously – in some instances potentially trillions of times faster than conventional computers.Once viable and widely available, quantum computers are expected to enable certain areas of tax analysis that are beyond the current reach of both governments and businesses, according to EY Global Vice Chair – Tax, Marna Ricker, and Jeff Wong, EY Global Chief Innovation Officer.
“Quantum has so much potential to become the engine for future waves of disruptive technologies,” Ricker says. “The speeds with which calculations can be made will fundamentally change the way tax professionals work with data.”
Harvey Lewis, Partner, Client Technology & Innovation, Ernst & Young LLP, agrees, saying hybrid systems comprising both classical and quantum computers will make it possible to more confidently model tax legislation, optimize business and tax strategies and swiftly manage crises.
And while the potential of quantum computing has been discussed in tech for nearly a decade, recent dramatic advances in the technology have prompted a virtuous cycle of investment, which is increasing the likelihood that the potential could become reality sooner than some might expect.