BP, previously called British Petroleum, one of the largest oil companies in the world, has benefited immensely by embedding Knowledge Management (KM) into its strategy. The company, whose operations span across 100 countries in six continents, has successfully used a host of KM tools in its exploration activities, saving millions of dollars in cost and reduced project time.

"In today's fast-changing global markets, success is no longer tied to the traditional inputs of labor, capital or land. The new critical resource is inside the heads of employees: knowledge. What a company knows—and how it leverages that knowledge—has never been more essential for success. Suddenly, it seems, everyone is talking about "knowledge management".

"The leaders of today's most successful businesses are `emphasizing the importance of knowledge, harnessing it, and speedily integrating it across the organization—these become the ways to strengthen the firm in the market place...'... These firms are in turbulent industries rife with change, so they organize knowledge workers into self-managed units that are held accountable for performance and are given wide operating freedom to choose their co-workers, hours, methods and all other aspects of their work."

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