Knowledge has been actively and continually defined. Early tendencies were to define knowledge based on dualisms and abstractions. From dualisms emerge a more sophisticated dynamism of knowledge, as it is built upon experience, observations and reasoning. The Information Technology model, based on knowledge, reflects the reality in such a way that information can be efficiently found and transferred to the decision makers in a useful and readable form. However, information technology’s potential as a source of sustainable competitive advantage is in dispute and is based on certain assumptions. These assumptions are resulted in emerging two theories. The author, therefore humbly, acknowledges the contributions of all these eminent writers/ scholars alongwith their respective publishers and blogs from whose learned writings/ displays references/ literature has been taken while compiling this book.