Enterprises and entrepreneurs realize that access to quality information and knowledge will help them to remain competitive. With the rapidly changing environment, the need to develop an effective knowledge strategy to provide enterprises and employees with best available data, information and knowledge to support the decision making process is important. This monograph focuses on understanding Knowledge Management (KM) as a process, tool and strategy for developing competitive edge. It identifies areas of KM application for success. Understanding explication of knowledge and technology that can contribute in providing, capturing, coding, retrieval, sharing and leveraging of different types/forms of knowledge is crucial especially in globalized world and also for emerging economies. This monograph also aims to provide the decision-maker with a suitable analysis platform for decision-making that enhances all phases of the knowledge management process and strategy.