Knowledge has been one of the key elements in the strengths and competitive advantages of a society. It can drive a society to deliver innovation, nurture creativity, predict future challenges, compete, and make progress. In a sociological perspective, Michel Foucault (1926-1984) introduces a term power-knowledge to explain that power is based on knowledge and makes use of knowledge. In an economic perspective, Peter Drucker (1909-2005) describes knowledge as a major economic resource and a key drive of competitive advantage. In 2005, UNESCO introduced the importance of developing a knowledge society that generates, shares and makes available to all members of the society knowledge that may be used to improve the human condition. In Islamic teachings, acquiring knowledge has been described as a key for the success of humanity here in this world and in the hereafter. Indeed, knowledge is a very important asset that needs to be managed in the best way, so that it brings benefits and positive impacts. Every society needs to understand the key concepts of knowledge and how to manage knowledge assets effectively. Every society needs to utilize both past and current knowledge effectively, in a manner that will provide insight and proper solutions for problems. Existing knowledge needs to be adapted to respond current challenges and create new solutions. In this era of Industrial Revolution 4.0 and emerging ideas on Society 5.0, a society particularly needs to identify and describe the role of technology and the relevance of humanity in knowledge management. Technologies can save time for knowledge gathering, provide a medium for storing knowledge resources, and allow more time to create and disseminate knowledge. With the support of relevant technologies, knowledge management allows societies to be constantly capturing, analysing, disseminating knowledge resources to guide their decision-making process, developing competitive advantages, and quickly informing decisions with relevant data, to produce relevant public policies, deliver innovations, and make predictions to prepare for better future. Along with technology, humanity inspires knowledge with relevant values that can make it beneficial and meaningful for the betterment of humanities. In particular, effective knowledge management will allow a society to manage academic communities to continuously sharing and spreading knowledge, facilitate and motivate more and more peer groups to share their academic works and ideas to increase productivity, tolerance, and solidarity. Such peer groups require the culture and ethics of learning that allow them to improve, share, and change knowledge, to open doors for new opportunities and keep up with ever-changing technology. More importantly, a good and effective knowledge management will allow a society to measure knowledge contribution and keep academic information accurate, relevant, up to date, and meaningful for humanity.