The process of learning converts this information to knowledge. The knowledge vs information debate is important because it is likely to be very indicative of whether your organization has an IT or a cultural centered KM strategy. I would argue that for substantial growth and innovation, a cultural centered KM strategy is most valuable. Trying to document knowledge and follow best practices is most effective for stable, mature companies. I believe that few companies operate in stable environments any longer.
People are everything.
Trying to document what they know is can inhibit creativity and innovation. Get out of their way and let them share their knowledge and experiences in person. This is what good companies do. It's knowing, values and competence. Vision, strategies, tactics and operations.