The IBM 1401 was a pioneering computer introduced by IBM in 1959. It was designed for business applications and was known for its versatility and affordability. The 1401 used magnetic core memory and could process data at a speed of about 1,400 characters per second, making it suitable for tasks like payroll and inventory management. The IBM 1401 played a significant role in the transition from punched cards to more advanced data processing methods. It was one of the first computers to use FORTRAN, a programming language that simplified coding. Its success helped establish IBM as a leader in the computing industry.