I recently conducted a workshop for a clienton the topic of knowledge management. As I prepared for the event, I rediscovered a great definition of knowledge from Karl Erik Sveiby:
Knowledge is a capacity to act.
I find this to be a highly useful definition of knowledge because it helps to focus any knowledge-related endeavor on a specific outcome.
For example, does your intranet improve the ability of staff to act? This one question will lead to a cascading inquiry of the actions employees need to take in support of their goals, how they can best take them, and how your intranet can then facilitate that action taking process.
It boils away all the impurities of knowledge management as a field and highlights that which it is supposed to create in the business context: the improved capacity to take action.