Abstract
The study aims to explore the current status of knowledge management by exploring the meaning of knowledge, knowledge management, knowledge management system (KMS), benefits of KMS and the ways to extract the benefits. Knowledge management is concerned with the exploitation and development of the knowledge assets of an organization with a view to furthering the organization’s objectives. The knowledge to be managed includes both explicit, documented knowledge, tacit and subjective knowledge. Knowledge management can help to take decision in a congenial atmosphere, increases the competences of the organization and make the company more and more agile. That means company can prosper in rapidly changing, continually fragmenting global markets for high quality, high performance, customer configured products and services. Knowledge process planning, knowledge sharing culture and knowledge stewardship are the ways by which firms can extract those benefits.