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The industrial revolution was going on in full force at the beginning of the 20th century. One of the first IBM products was a time clock which had workers dial their employee number and then push a lever to record their arrival/departure on a roll of paper.
Credit: Yannick Trottier
In 1924, the company officially changed its name to International Business Machines. It was bolstered at this time by the invention of the Carroll Rotary Card Press that doubled the manufacturing capticity for punch cards - 1,000 cards in 60 seconds - resulting in profits of about $1 per minute of operation.
In the 1930s while the U.S. suffered through the Great Depression, IBM prospered. One of its biggest achievements was helping organize the Social Security Administration which was formed in 1935. It used its army of key punch machines to keep track of tax payments coming from 27 million workers. It showed that a company can help business and government manage itself with the assistance of technology.