Outsourcing technology for new product development

Summary form only given as follows. We are living in the era of globalization, economic liberalization and technological innovation that are affecting all facets of life, for example, industries, education, commerce and entertainment. The management of information is now of vital importance for any business. There are now tremendous attempts to revolutionize industries using information technology (IT). In the growing knowledge-based economy, firms need to produce required knowledge workers for economic development in the 21st century. The paper analyses the importance of new technology, for example, electronic commerce (e-commerce) for improving productivity and benchmarking in an organization.