With the advent of rapidly changing business environments, managers realize the need to develop an effective knowledge strategy and provide employees with the best available knowledge to support the decision-making process. New systems are required that not only locate, capture, store, share and leverage data and information but also knowledge. Sucessful knowledge strategies depend on whether organizations can link their business strategy to their knowledge requirements. This is vital to allocating resources and capabilities for leveraging knowledge. The competitive value of knowledge must be assessed to locate areas of weakness. Efforts should be made to close these knowledge gaps to ensure the organization remains competitive. Finally, an organization should address the social aspects affecting knowledge initiatives. The environment should promote cooperation, innovation and learning for those in knowledge-based roles.