Knowledge Management (KM) is changing its nature. This evolution is driven by the necessity to overcome the limitations of conventional approaches, but also by the opportunities offered by the Web 2.0 technologies. Therefore, both scholars and practitioners need to understand how these new technologies impact the evolution of KM. Scholars need to identify (and fill) the gaps between the existing theories and the emerging KM approaches, while practitioners have to successfully implement them. Thus, the present study aims to investigate the impact of crowdsourcing on the evolution of KM. This paper investigates the specifics of the use of crowdsourcing as an emerging KM facilitator based on an analysis of the existing literature on both crowdsourcing and KM, as well as on the findings of an empirical study on three internal and external crowdsourcing initiatives in a firm representing a B2B industry. The study contributes to the existing knowledge on the evolution of KM by examining cases of crowdsourcing used as a knowledge acquisition and creation practice. The study findings suggest that crowdsourcing: a) is moving the attention of KM toward the organizations’ external environment as a significant knowledge source; b) is shifting the focus of KM, originally directed towards the knowledge transfer process to knowledge creation/acquisition activities; c) is favouring the emergence of the conversational KM approach, where knowledge is generated and shared by people through dialog, for instance by means of questions and answers. In practical terms, the results of this study can help managers identify successful practices for implementing both internal and external crowdsourcing as a firm KM catalyst. Moreover, managers, especially those working in other or similar B2B industries, may be encouraged to give crowdsourcing a try, as they would be able to learn from the experience of a leading multinational organization such as Bombardier Transportation.