The aim of this paper is to define and explain the concepts of knowledge and knowledge management, to explore current theoretical and practical problems in the field of knowledge management and to describe the processes of knowledge management and factors that affect knowledge management in the company using consulting company Kaizen Institute as an example. For consulting companies, the knowledge management process is the most important process. Kaizen Institute has developed its own methodology and work principles that when successfully applied ensure the growth of the company and the achievement of strategic goals. Creating value for the customer, operational excellence, problem solving, efficient material and information flow is possible only with motivated and engaged employees, and in such conditions, knowledge management processes are also efficient. Kaizen Institute's specific knowledge management challenges are due to management challenges at the global company level, which consists of many autonomous and decentralized members spread throughout the world. Some of the perceived challenges are difficult knowledge transfer within the group members, low motivation for sharing knowledge among members, difficult retrieval of knowledge from knowledge bases due to the large amount of material, translation of all materials to English slows down the storage of knowledge, uneven sales and marketing capabilities among members and difficult transfer of tacit knowledge.