Knowledge is recognized as a critical resource to gain and sustain competitive advantage in business. While many organizations are employing knowledge management (KM) initiatives, research studies suggest that it is difficult to establish return on investment of such efforts; however, desired results can be obtained through successful implementation. In this research study, using literature review, we identified a set of enablers and barriers of successful KM implementation. Using this set of factors, we developed a questionnaire by applying Interpretive Structural Modeling (ISM) methodology to determine underlying relations among these factors and develop strategies for successful implementation of KM initiatives. Contributions from this research effort should also support organizations in making decisions about improving organizational performance using KM initiatives, and understanding the directional relations among KM factors. Because of the number of participants in our study, applicability of our research results may have certain limitations. To address this inadequacy, as a future research effort, we intend to increase the number of respondents and participant organizations.