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It is the digital economy age in which we are living presently. Thus, traditional thinking is proving futile and newer methods are substituting the older ones. If one has to achieve developmental goals, one has to build a knowledge repository. Success of any system today is defined by its knowledge capital. For example for a university, knowledge is a key sustainable edge and Faculty/students are their key assets. Knowledge management (KM) can provide a university with an opportunity to integrate processes, facilitate collaboration, and form relationship across traditional organizational boundaries. It no longer stands that the most knowledgeable only will conquer; it has become that one who actually uses that knowledge will get the edge. KM provides the opportunities to rethink, recast and re-engineer. Present communication tries to build a framework for open universities to effectively use KM to maintain relationships with existing students and attracting new students, build high-valued knowledge assets, build a knowledge based value-chain to respond to the changing demands for education