In 1965, 36-year-old Gordon Moore described a trend in computing hardware that he believed would last at least 10 years. In a paper that Mr. Moore wrote, he discussed that the number of transistors that can be placed on an integrated circuit would double every two years.
Needless to say, "Moore's Law" has held true for many years since it was originally coined. In fact, the semiconductor industry uses the law as a long-term planning guide to set R&D targets.
Who is Gordon Moore and what could he possibly know about computing power?
Gordon Moore went on to co-found Intel in 1968. He received the Medal of Freedom, the nation's highest civilian honor, from George W. Bush in 2002.
The speed and impact of technological advancement has far exceeded our wildest expectations. Who can forget the now famous quote often attributed to (and since denied by) Bill Gates, "640K ought to be enough for anybody"?
(These days you can easily get a starter notebook computer for less than $400 with a 250 GB hard drive. In case you didn't know, it takes just over 1 million Kilobytes to equal one Gigabyte.)
We've come a long way... and in the words of VFG's CEO Fred Summers, "The best is yet to be!"
If we know that technology is changing fast... Do we hesitate to invest in it now and instead wait until "later" when technology will be even better(!)?
In short, the answer is no. If we lived in a world without competition, maybe we could could justify waiting to invest in technology. However, there's no such thing as an industry without competition (at least in the world of private industry) and competitors and new market entrants are salivating while looking forward to capturing market share.
The fact remains that if we want our businesses to remain competitive, we must invest in new technology. Technological advancement isn't just limited to a computer anymore - as computers and microprocessors are present in just about any machine or industrial application.
From machining to computers to alternative energy, technological advancement continues to increase quality, reduce job time and minimize errors. In short, technology makes our lives better and drives down costs.
If you recognize that your business can benefit from investing in newer technology, we would appreciate and enjoy having the opportunity to provide an economical funding solution that makes good business sense from a cash flow, accounting, and asset management perspective. Please let us know how we might be able to help.