The key asset of any software organization is knowledge, because the whole process of software development is very much knowledge intensive. Knowledge is dynamic and evolves with technology, organizational culture and the changing needs of organization’s software development practices. One way to capture organization’s knowledge and make it available to all their team members is to induce the concepts of knowledge management systems within the organization. Here in this paper we frame our research by discussing the importance of knowledge management and we also present a knowledge environs to deal with knowledge management in software industry for the production of better products that can meet all the qualities measures & market requirements.