This paper presents the findings of a knowledge audit conducted to determine the knowledge requirements of a large service‐based enterprise in South Africa. The objective of the knowledge audit was to identify and describe the current and future knowledge requirements of the enterprise. The results indicated that employees have some basic knowledge and information needs that must be satisfied before any further investigations take place. Once the fundamental building blocks of knowledge content are established, it is recommended that more sophisticated solutions can be developed. Broad recommendations for establishing a knowledge management strategy that will be a source of sustainable competitive advantage are proposed.