Knowledge is the most important factor of production, next to labor, land and capital. It is about managing and sharing knowledge for the development of an organization. In the competitive business world, knowledge management (KM) has become more essential for the sustainable development of organizations. In the 21st century knowledge and KM become the most professional element in many fields of knowledge, such as, education, cognitive science, health, sociology, management science, information science, computer science, information and technology, economics, philosophy, psychology, knowledge engineering, artificial intelligence and all branches of business. Through the application of successful KM, organizations can improve their effectiveness and can gain competitive advantage. KM helps in the decision making process for the benefit of a company. It leads to higher efficiency in terms of less duplication of work, followed by notably better performance, enhancing new staffs’ capabilities and better quality decisions. The paper discusses the fundamentals and the importance of KM for professionals, users and technology experts. This article also examines the concepts of knowledge and KM in organizations. The major challenges and barriers for implementation of KM in organizations are discussed in some details. Additionally, the paper discusses the proficiencies, responsibilities, profiles and the roles of a knowledge manager. An attempt has been taken here to enhance knowledge related efficiencies in any organization.