KM in practice seems to be an effort that comprises all kinds of different activities, measures and technologies. Unfortunately, it seems that organizations do not pay very much attention to the strategic value of their initiatives. Thus, there is a lack of clear distinction between different KM strategies or dimensions of strategies that can be used to characterize one particular KM strategy. This paper is made an attempt to describe about KM strategies and practice as well. This paper discuses different types of repositories and role of repositories in KM, further it addresses incentives to make use of good repository records.