Knowledge represents one of the most important, if not the most important commodity for organisations to remain competitive in the long term. Knowledge has various definitions. Researchers and practitioners can interpret the meaning of knowledge differently. Knowledge refers not only to experience, but also to many other skills, abilities and capabilities. The goal is to link and apply the available knowledge within the organisation’s value adding processes. An appropriate Knowledge Management (KM) is therefore necessary. KM addresses a wide range of issues such as knowledge definition, knowledge application, knowledge retention, as well as knowledge assessment. These are only some of the characteristics that describe the meaning of knowledge as a complex term and of KM as a complex system. One of the biggest challenges of KM is the measurement and assessment of knowledge related activities. One way to measure KM activities in organisations is through KM Assessment (KMA) tools. The objective of KMA is to measure and evaluate the impact of different indicators in relationship to the fulfilment of goals as defined from all relevant stakeholders. An improved KM helps organisations to realise their strategic goals. An improved KMA helps organisations to compare the ‘’as is’’ with the ‘’to be’’ status of KM. Based on literature, the scope of this work is to present KM instruments and tools, to identify best-practice criteria, and to encourage organisations to manage knowledge assets efficiently and effectively.