To compete in the newly emerging knowledge-centric economy, organizations around the world have undertaken various initiatives to manage their most important yet volatile asset–knowledge. Knowledge management (KM) is a systematic and organizational process for acquiring/creating, organizing, sharing, transferring, using/applying, and updating both tacit and explicit knowledge to enhance the organizational performance, improve organizational adaptability, increase values of existing products and services, and/or create new knowledge-intensive products, processes and services. While KM was developed first in industries and business functions that are basically selling knowledge–professional services, pharmaceuticals, research and development functions–it is quickly becoming prevalent in other industries, including manufacturing, financial services, and government organizations. It can be expected that most of industries will view themselves as knowledge-intensive and will develop or adopt some KM initiatives in their business units and functions.