We are on the threshold of 21st century. As such it provides us a vantage point where from we can scan the 20th
century and foresee the future. Corporate sector by itself is constantly moving rapidly but steadily from “laborbased”
business to “knowledge-based” business power houses. In the era of technological advancement, an
organization can gain competitive advantage only through creating value from its intangible assets. For knowledge
to be of value, it must be focused, tested and shared in common. As war and struggle for knowledge defines today’s
business world, organization’s victory lies with those who create, recognize and organize knowledge. Knowledge
Management Systems are in increasing spree with the passage of time and as such are required by organizations
in order to sustain leadership in the face of emerging global competitive landscape. The paper highlights knowledge
management as an essential tool in today’s emerging global economy. Also the paper emphatically emphasizes
knowledge management is driving every organization’s strategy and as far as competitive advantage is concerned
the 21st century is the driven by intellectual excellence.

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