Phones don't have the resolution needed for graphics - 900x640 for the iphone 4s. That's not even an HD format.
The only thing that might work in the future is that the phone works like a desktop - where you plug it into a docking station; however, laptops and tablets have been working on that for a long time, and they simply cannot match desktops.
You can't really see a spreadsheet well on a phone screen. Zooming is not convient if you have to data map a lot of Excel data cells.
Processing power on phones is nowhere near what you need for day-to-day corporate work, much less memory or CPU intensive applications. It's going to be quite a few years until it reaches the point that our applications are at now, and by that time, applications will have progressed even farther.






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