Ninety organizations were surveyed in an exploratory investigation of the organizational impact of knowledge management (KM). A search of the literature revealed 12 KM practices. Results indicated that these KM practices were directly related to organizational performance which, in turn, was directly related to financial performance. In addition, a different set of KM practices were associated with specific value disciplines (i.e., customer intimacy, product development and operational excellence). Interestingly, a significant gap exists between the KM practices that firms believe to be important and those that turned out to be directly related to organizational performance. The implications of this study are significant for both practitioners and academics. Suggestions are offered for future work in this area.