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This essay reviews the origins of the term Knowledge Management, contrasting it with both data processing and information processing. The notion that knowledge is exclusively mental is refuted by reference to recorded knowledge, the stuff of books, reports, plans, et al. Examples of working knowledge are provided that shed light on the importance of knowledge processes to organizations that depend on knowledge for their success. These ideas are then extrapolated to libraries where I argue that knowledge management, always crucial to success in the paper world, is even more central as the knowledge world goes digital.