5 must reads for data geniuses

We keep an ear to the ground for the interesting stats, insights and discussion points you need to feel in the know.?

1. Quantum’s huge potential?

Quantum computing promises to transform the world – but what is it? Even one of the most popular scientists of the twentieth century, Richard Feynman, famously said “I think I can safely say that nobody understands quantum theory”. Quantum is already surpassing the most advanced conventional supercomputers, solving problems that would take binary devices thousands, if not millions of years to process. Piotr Ciepiela, EY Global Consulting Cyber Architecture, Engineering and Emerging Technology Leader, lists clinical trials alongside drug discovery, disease prediction and patient diagnosis, as just some of the areas ripe for exploitation by quantum. “There will be an opportunity to simulate key systems within the human body - for example the immune system,” says Ciepiela. “It may then be possible to test the efficacy and potential side effects of new drugs using that digital simulation and do this faster than conventional clinical trials and with reduced risk.” Quantum computing is set to transform every sector of the economy, to an extent that is not entirely predictable. Leaders should act now to position their companies for quantum success.?

Quantum computing: 5 steps to take now ?

2. The dawn of 6G?

Expected to be available by 2030, 6G is the sixth generation of wireless mobile technology. In the 6G era, data will be created on an unimaginable scale, revolutionizing how we collaborate. The days of moving products and services through linear supply chains, from raw materials to delivery, will be replaced with fully networked ecosystems of hundreds of suppliers, carriers and companies, all working toward a common goal. Take shipping for example. We will not only be able to precisely track shipments, we’ll also be able to act upon real-time intelligence; think rerouting to avoid a hurricane or piracy crisis. How can business leaders prepare for 6G? By first seizing the opportunities that 5G+ offers, according to Fuad Siddiqui, EY Global 5G Industry and Emerging Tech Leader.?

How emerging technologies can usher in the dawn of pervasive intelligence

3. The power of combined data ?

We live in an era of increased uncertainty; customers are moving faster than corporations, and at the same time, we are surrounded by hyper-competition and rapid digitization. Companies are being forced to rethink their partnership structures and, as a result, ecosystems are emerging in almost every industry as powerful new business models. What is an ecosystem? In a nutshell, an ecosystem business model is one in which multiple businesses work together. The full definition; ecosystems are purposeful arrangements between two or more entities, to create and share in collective value for a common purpose and customer. Combined data can be one of the greatest assets of the ecosystem; integrating data from all sources, building common analytics and merging rich data sources into a single view of the customer. Recent EY research illustrates the impact ecosystems can have in accelerating business outcomes.?

The CIO Imperative: How does technology underpin ecosystem transformation?

4. Governments are behind the curve?

Only 17% of government agencies worldwide believe they are a data-centric organization, according to new EY research. At the same time, 47% of respondents believe that data and analytics is the most important digital and tech-related skill needed for an organization to transform. Today, governments have more data at their fingertips than ever before, as the delivery of numerous government services moved to digital channels during the COVID-19 pandemic. The challenge now lies in how to capitalize on this information going forward - from collecting, storing and analyzing it, to ultimately integrating insights into programs that have the potential to make a significant impact on people’s lives.?

Six actions to help governments achieve data centricity

5. Impossible without data?

There’s a lot of excitement around emerging tech like artificial intelligence, machine learning and robotics - but hold your horses. “Before you end up with Blockchain and AI, you need structured data,” says Philippe Verhoeven, EY EMEIA Accounting, Compliance & Reporting Leader and Partner. “And if you look at how data is still being presented today, it's not structured - it’s hard to do anything with it. So even if you are shouting out for new technologies, it will be almost impossible if you don’t have that structured data.” If business leaders are to future-proof their finance function, it’s vital that they first get the basics, such as Enterprise Resource Planning (ERP) and data, right.?

How CFOs can take a holistic view to transform the finance function

If you do one thing:?

Remember that:?

“It is a capital mistake to theorize before one has data.”?

- Sherlock Holmes

Don’t miss a must read, find all the issues of the weekly must reads newsletter by EY on LinkedIn here .??