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utilize (v.)

1794, from French utiliser, from Italian utilizzare, from utile "usable," from Latin utilis "usable," from uti "make use of, profit by, take advantage of" (see use (v.)).

Utilize is fast antiquating improve, in the sense of 'turn to account.' [Fitzedward Hall, "Modern English," 1873]

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Definitions of utilize from WordNet

utilize (v.)
put into service; make work or employ for a particular purpose or for its inherent or natural purpose;
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Synonyms: use / utilise / apply / employ
utilize (v.)
convert (from an investment trust to a unit trust);
From wordnet.princeton.edu