The term knowledge management (KM) first came to prominence in the late 1990s. Although initially dismissed as a fad, KM continues to be featured in articles concerning business productivity and innovation. And yet, clear-cut examples that demonstrate the success of KM are few and far between. A brief examination of the history of KM explores the reasons for this and looks at some of the assumptions about what KM can achieve. A subsequent analysis of the experiences of Infosys with KM shows that for KM to be successful, organizational leaders need to engage in a continuous process of modification and maintenance. Although KM initiatives can be made to yield worthwhile returns over an extended period, there are often substantial ongoing costs associated with them.