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Knowledge is power. Knowledge management is the process by which the organization generates wealth from its intellectual or knowledge based assets. The term knowledge management (KM) was first applied in the profit-seeking enterprises to improve the operations to gain competitive advantage and make profits. Now, knowledge management can also be applied to non-profit-making institutions such as government and societies at large. Knowledge management helps us to share, learn and regenerate the new knowledge. It is the buzzword in the management environment today because of its advantages in shaping the organizational strategy and helping firms gain competitive advantage. The paper discusses the concepts, importance and barriers in implementing knowledge management in organizations and also describes how users are benefiting from knowledge management. It also describes how integrated technology is useful in supporting the fruitful utilization of library and information services.