Since knowledge management as a conscious practice is so young, executives have lacked successful models that they could use as guides. To help fill that gap, we have recently studied the knowledge management practices of companies in several industries. We started by looking at management consulting firms. Because knowledge is the core asset of consultancies, they were among the first businesses to pay attention to—and make heavy investments in—the management of knowledge. They were also among the first to aggressively explore the use of information technology to capture and disseminate knowledge. Their experience, which is relevant to any company that depends on smart people and the flow of ideas, provides a window onto what works and what doesn’t.