Knowledge Management (KM) has received substantial attention in recent years. The importance of KM is now being realized and implemented in a wide range of industry sectors like manufacturing, construction, consulting, software, banking, insurance, telecommunications, etc. across the globe. The introduction of KM in an organization and its successful implementation is very decisive. However, majority of organizations have been experiencing failure in implementing KM for many different reasons. One of the reasons is the absence of a sound KM strategy in an organization to direct the implementation process of KM systems. Consequently, businesses are starting to formulate strategies and to invest in systems that will enable them to manage their corporate knowledge.