Knowledge Management (KM) is an emerging new tool for harnessing an organization's largely untapped resource - Knowledge. KM is a process that includes the development, storage, retrieval, and dissemination of information and expertise, explicit as well as tacit, within the organization to support and improve an organization's business performance. There are as many techniques to implement KM, as there are definitions of KM. Knowledge Management requires a major shift in organizational culture and a commitment at all levels of a firm to make it work. This paper explores what Knowledge Management is, the links between KM and innovation, the imperatives for KM, and technological tools for KM implementation in an organization.