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ABSTRACT The knowledge-based theory of the firm suggests that knowledge is the organizational asset that enables sustainable competitive advantage in hypercompetitive environments. The emphasis on knowledge in today's organizations assumes that barriers to transferring and replicating knowledge endow it with strategic importance. The growth in the number of HEIs in India in the last decade has increased competition and the pressure for performing better. This has forced the institutions to recognize the need for knowledge management (KM) initiatives, a key asset. KM in HEIs involves the discovery and capture of the knowledge created by filtering and encapsulation and mapping it to the needs of the organization to derive value from its sharing throughout the organization. A competitive edge over others depends largely on the quality of KM that organizations are able to apply to their operations. The paper explores the functional domains of HEIs and the indicators that determine these domains. The rapid growth of data and technologies triggers data transformation into useful information, known as knowledge. Nowadays, people are aware of the worth of knowledge and the styles to obtain, recognize, capture, save, and leverage it, so that knowledge can be shared without losing it; in other words, know how to manage knowledge. In this way, the term KM is created. KM has increased in popularity as a management device over the past decade. There have been concerns about whether KM is simply a fad, and researchers and academics have debated its faddish-like characteristics. As Stankosky indicates KM certainly is not a fad, because the knowledge-based economy is here to stay. While there is no universally accepted definition of KM, most are extremely similar. According to Rumizen, KM is a systematic process, by which knowledge needed for an organization to succeed is created, captured, shared,and leveraged. Many of us simply do not think in terms of managing knowledge, but we all do it. Each of us is a personal store of knowledge with training, experiences, and informal networks of friends and colleagues, whom we seek out when we want to solve a problem or explore an opportunity. Essentially, we get things done and succeed by knowing an answer orknowing someone who does. This study provides an analysis of current practices and outcomesof KMS and the nature of KMS as they are evolving in five organizations. The findings suggest that interest in KMS across a variety of industries is very high, the technological foundations are varied, and the major concerns revolve around achieving the correct amount and type of accurate knowledge and garnering support for contributing to the KMS.