How can IT professionals begin to align IT with business?
It is important for IT professionals at all levels to realize that IT is a service provider to business and hence it is important to understand what the business needs. This change in attitude will make us, as professionals, understand that the business is a critical customer and take the required steps to meet business needs. Once this is done, it is important to sell the value IT is delivering to senior business leaders to get their confidence and better support in future projects/initiatives.
A CIO's Voice 
Arun is IT simply a service provider? Or should it be taking the stance that it is a partner? Admittedly if IT is not delivering the basics then it does not stand a chance of being viewed as a partner but if IT is just deferential to the business then its views will not be taken seriously. I think alignment comes from IT truly understanding what the business does, talking to them in a language that they understand and aligning themselves around the business priorities.