This chapter gives a brief introduction to Knowledge Management (KM) and its components, emphasizing the role Social Networks (SNs) can play on KM. The authors will delineate the benefits of collaboration between the concept of Social Networking and the process of KM. With the advent of Web 2.0 technologies, it is a natural evolutionary outcome that SNs have driven the advancement of KM, and conversely KM has driven the advancement of SNs. In certain instances, SNs and KM have a symbiotic relationship whereby one cannot exist without the other. Moreover, an impact analysis will be performed to show that while SNs are an outcome of KM, both require each other in order to succeed where Social Software fits. This chapter is particularly intended to cater to the needs of librarians in a corporate environment and to show the impact and benefits of SNs and KM in the information world.