As we look at the 21st Century with new hopes and expectations, the world around us is changing rapidly, throwing open great challenges and innumerable opportunities. In the fast changing business world, knowledge is increasingly being seen as an essential requirement for competitive advantage. Companies have realized that knowledge is their life-blood and are organizing innovative ways to manage it. They are trying to collate, store and disseminate knowledge amongst their employees for better performance. Creating knowledge management-systems (and preparing people to share learning) is sine-qua-non.The present book is an attempt to study the importance of knowledge management in organizations. It reviews and presents the current state of Knowledge Management. The book explains the role of information technology and organizational culture for creating 'knowledge management process'. Based on the available literature and research project undertaken by the author in the field, it presents the best practices of knowledge management in the Indian organizations. The book finally, concludes that a knowledge based organization will become the continuous source of competitive advantage in the New Millennium Economy.