Today, the concept of installing an effective and an efficient 'Knowledge management System' in an organization no longer seems strange, and it is indeed required of any organization functioning in today's stiffly competitive world, that there must be a good knowledge management system to deal with the influx of information and data that is available everywhere, and to everybody. However, there is as yet no real definition of knowledge management, and the reason for this is that no one has been able to define 'knowledge' as yet. Knowledge management can therefore be described as an important process within an organization, whereby the intellectual and knowledge based assets of the company are utilized in an optimum manner. There are five important themes in a basic knowledge management system, and they are, first and foremost, a tacit understanding of knowledge, at an individual and also at a group level, and then the build up and creation of a 'corporate memory', according to which the management will be able to capture memories, share them, and prevent re-inventions of things that have already been conceived of, and so on. The third theme in a knowledge management system is that of building up an 'expertise directory', which is something akin to the Yellow Pages of a telephone directory. Within this would be all relevant information concerning the organization, and this would mean that when an expert may be needed for some reason, he may be contacted with relative ease. The fourth theme is the creation of a 'lingua franca', and the fifth one the personal knowledge management system. Today, unless and organization is equipped with an effective knowledge management system, and it is also helped along with all the available high technology, it would most probably be left behind, while others surge ahead. This is a fact that is being accepted by more and more firms all over the world, and a more effective knowledge management is the result.