Memory of present generation is not as quicker as it was of old generation due to growing technology, environmental changes and with varying life styles, we are more dependent on technology and technology has become necessity for us more especially for youth. In olden days, whatever now we store in books all the same man used to store  in their brain  through poetry, literary fun, riddles,  mimicry, stone carving, painting and all they keep on training  their young ones physically and verbally, what men learn in their life they keep on passing to next generation, at that time there was no such modern technological devices  such as; computer, CDs, hard disk, pen derive and cassettes etc.  Even though we have technological edge still we need to learn many things through practice for the up gradation of many new things to store and manage knowledge of growing needs of the society. The process and prospects of technology depends upon; 1. Need of Knowledge 2.  Problem recognition, 3. Idea Generation, 4. Filtration of Idea, 5. Finalization, 6. Adaptation, 7. Development of Trust, 8. Generate Originality, 9. Proper Coding and Decoding, 10. Judgmental Analysis, 11. Transfer, 12. Practice and Preservation, 13. Review, 14. Adjustment and Modification. Knowledge is essential for getting employment. Everyone learns how to do his work, and by applying this information to new circumstances, it can be reprocessed later in similar other activities. Data management's primary goal is to make knowledge useful for other people or for an entire organization. This paper examines novel concepts and presents a fresh approach to knowledge management. Additionally, knowledge management is becoming more and more interesting to researchers as well as practitioners in businesses. These days, many companies are starting knowledge management programs in the hopes that their work would improve how knowledge properties are used for commercial purposes, benefit and true application of humanity for sincere human beings for the welfare of the future planet.  Through the development of realistic prototype possibilities in information processing modalities, researchers will assess the viability and possibility of preserving knowledge for future generations.