With the developed economies now firmly based on the power of information, the need to effectively harness, manage, and exploit organizational knowledge for competitive advantage has not been greater. Knowledge management initiatives have been undertaken by various organizations, with varying levels of success. The definitions of “knowledge,” “knowledge management,” and “knowledge management systems” are fluid at best, leading to a certain amount of confusion for organizations wishing to exploit their institutional knowledge. Nevertheless, several success stories (and a few failures) have been reported in the literature about organizations that have implemented knowledge management systems. It is the objective of this paper to identify some of the lessons learned from these experiences, with the expectation that some direction and guidance can emerge for organizations contemplating this endeavor. As a research-in-progress, the ultimate objective is to expand on the case studies and, eventually, incorporate the lessons learned into a comprehensive strategic framework for organizational knowledge management.