The word `Technology' is derived from the Greek word `Teche' which means knowledge and `logos' which means study; hence it is quite in order to say technology means `Study of Knowledge'. However, it has traveled a lot from its etymological meaning. The author has interviewed 16 CEOs during his doctoral research about the role of technology in strategic planning, in early 2000, and, out of these 16 CEOs, nine defined technology according to their perceptions. Three of them defined it as a process to meet customer needs, demands and aspirations. Out of these three, one referred it as a fulfillment of societal needs and continuous learning. Two CEOs mentioned about the scientific parameters and engineering skills, and the other one defined it as a design and development system with lesser human intervention, hinting at automation. So, it can be assumed that technology is a resource that is needed to meet the needs and aspirations of the customers, and it is a process of continuous learning, and it fulfills the societal needs with least human intervention. Finally, the chairman of a technology intensive company described it as a powerful force, second only to globalization. The word `strategy' is derived from the Greek language meaning a military commander, and it is described in the Oxford English dictionary as "the art of moving troops, ships and aircraft." In today's world of business, a warlike situation exists that needs to use technology as its main resource. The author tries to describe the dyadic relation between technology and business strategy, when one influences the other in a dynamic relation, that exists in the 21st century. Today technological forces change the way we communicate, the way we care for our health, and the way we entertain ourselves. With the help of his practical experience as the CEO of a technology intensive JV, and a wide base of the latest research in the field of technology management, the links between these two strategies are established. Some of the graphics speak more than a thousand words.

In the 21st century no business strategy can be formulated or rather thought of without a technological perspective. All the companies, be it Fast Moving Consumer Goods (FMCG), Entertainment, Electronics, Healthcare or Hospitality Industry (not to speak of software development and/or IT enabled Services) need to have a technology policy, or rather a strategy to have a meaningful business strategy. As per the Oxford English Dictionary, technology means "application of scientific knowledge for particular purpose" or "machinery and equipment based on such knowledge" or "the branch of knowledge concerned with applied science."