As the civilization enters into the new millennium, the words of 19th century have suddenly taken a new meaning. The world is undergoing a remarkable technological change. The advancement of Internet along with the expansion of IT infrastructure at large level has revolutionized the way in which information and communication technologies are stored and disseminated, and is creating lasting implications on businesses around the world. These technologies include software, network services, applications etc. which the organization in the past would have purchased or licensed, and installed and maintained by incurring huge costs at their level.