EY and IBM expand strategic alliance into quantum computing

Rhea-AI Summary

The EY organization has joined the IBM Quantum Network, providing its teams access to IBM's quantum systems. This collaboration aims to develop quantum computing programs that tackle complex business challenges across various sectors, including finance and healthcare. EY's Global Quantum Lab will leverage this access to investigate innovative use cases, such as enhancing self-driving car safety and reducing CO2 emissions from computing. EY plans to invest $10 billion over three years in technology initiatives, including its quantum function. According to EY leaders, this partnership will position them at the forefront of technological advancement, similar to the impact AI has had in recent years.

Positive

• EY gains access to IBM's vast quantum computing resources.
• Collaboration aims to develop innovative solutions for enterprise challenges.
• EY plans to invest $10 billion in technology initiatives, indicating strong commitment to emerging technologies.

Negative

• None.

• Provides EY teams access to IBM quantum systems and furthers their engagement in the quantum ecosystem as part of the IBM Quantum Network
• Presents opportunity to create quantum computing programs for organizations and develop applications to solve complex business challenges

LONDON, April 14, 2023 /PRNewswire/ -- The EY organization and IBM (NYSE: IBM) today announced that EY Global Services Limited will be joining the IBM Quantum Network, further enabling EY teams to explore solutions with IBM that could help resolve some of today's most complex business challenges. The EY organization will gain access to IBM's fleet of quantum computers over the cloud, and will become part of the IBM Quantum Network's community of organizations working to advance quantum computing.

Quantum computing is a rapidly emerging technology that harnesses the laws of quantum mechanics to solve problems that today's most powerful supercomputers cannot practically solve. EY teams will leverage their access to the world's largest fleet of quantum computers to explore solutions to enterprise challenges across finance, oil and gas, healthcare, and government. 

The EY organization established its own Global Quantum Lab last year with a mission to harness quantum value in the domains of trust, transformation and sustainability. Using IBM quantum technology, EY teams plan to conduct leading-class practice research to uncover transformative use cases, including: the reduction of CO2 emissions from classical computing, the improvement of safety and accuracy of self-driving cars, and most critically, integrate quantum benefits into organizations' mainstream systems for data processing and enterprise decision making.

Andy Baldwin, EY Global Managing Partner – Client Service, says:

"Quantum, in terms of importance to business, society and the EY organization, is akin to what AI represented years ago. This alliance puts the EY organization at the forefront of technology. As we invest in this level of quantum computing access, we accelerate our own position and depth of knowledge and capabilities in this space and deepen the rich relationship with our IBM alliance teams."

Jeff Wong, EY Global Chief Innovation Officer, says:

"As we navigate this period of technology-led change, which is accelerating at unprecedented speed, companies must have a full understanding of how to maximize breakthrough innovations in order to keep pace. Through this collaboration with IBM, the EY organization will now have the ability to take advantage of quantum computing to propel its innovation journey."

Jay Gambetta, Vice President IBM Quantum, says:

"IBM's vision is to deliver useful quantum computing to the world. We value partners like the EY organization that can introduce the emerging technology to a wide ecosystem of public and private industry. This will help EY facilitate the exploration of quantum computing's potential for use cases that matter in its industry."

Membership in the IBM Quantum Network is part of a broader effort by the EY organization to invest and develop robust capabilities in emerging technologies, which already include artificial intelligence, blockchain, and metaverse development. Beyond the increased investment of the EY-IBM Alliance, the EY organization is investing $10 billion in technology initiatives over three years, including investment in the organization's own quantum function.

More information on the EY-IBM Alliance, here.

About EY

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

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. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

About IBM

IBM is a leading global hybrid cloud and AI, and business services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM's legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit https://www.ibm.com/quantum

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SOURCE EY

FAQ

What is the significance of EY joining the IBM Quantum Network?

Joining the IBM Quantum Network allows EY teams to leverage IBM's quantum systems to address complex business challenges.

How much is EY investing in technology initiatives over the next three years?

EY is investing $10 billion in technology initiatives over the next three years.

What industries will benefit from EY's collaboration with IBM?

The collaboration will benefit industries such as finance, healthcare, and government.

What are the goals of the EY Global Quantum Lab?

The EY Global Quantum Lab aims to explore transformative use cases and integrate quantum benefits into enterprise decision-making.

How does this partnership affect IBM's market position?

The partnership enhances IBM's role in advancing quantum computing technology in various industries.