In the present day market scenario of intense competition, organizations need to know what they know and be able to leverage on its knowledge base to gain competitive advantage. In this knowledge era, organisations can create and sustain competitive advantage through initiation of appropriate knowledge management processes. The organisations that can leverage technology to exploit the data will realize the benefits by creating a competitive advantage for themselves. The competitive advantage could be in the form of identifying trends, unusual patterns, and hidden relationships. The recent emphasis on knowledge management arises out of the need for organizations to manage resources more effectively in a hyper-competitive, global economy.