Globalization has completely revolutionized the way people conduct their businesses. Irrespective of the industry type it has become imperative that every company, more than anything, should be competitive enough in order to carve a niche in the global markets. To stay competitive, businesses have to keep pace with the ever changing market trends, be flexible, and resilient to take advantage of everything that new markets have to offer. However, being competitive is just not enough. Businesses need to focus on constantly improving their performance capabilities to attract more customers and retain customer loyalty. In the given scenario businesses need to work in partnership with IT partners whose aim is to technically integrate your business processes end-to-end, so that business can quickly and flexibly respond to customer demands, market opportunities, or competition threats. With the changing business needs, IT requirements for businesses also have to be changed. IT industry should understand, engineer, and evolve a 'fit-for-purpose' system that syncs with the business processes. To realise this correlation and coordination between businesses and IT, the latter has to cope with certain industry challenges such as, frequent changes in technologies, availability of resources to bridge the gap between the business and IT, availability of technical expertise at the right time, and all.