Most organizations that consider the online channel to be central to their strategy use a Content Management System (CMS) for their website, intranet or extranet. The CMS is a company asset that has perhaps been overlooked as a source of competitive advantage. This article examines the benefits of using a CMS, and considers the needs of different stakeholders and some of the common pitfalls that organizations encounter. It goes on to consider how a CMS investment may not be delivering for your organization or where you are being locked into a poor investment. We examine some of the critical success factors when implementing a CMS, and consider how to escape a CMS dead end. We look at investment in a CMS, what good content management means for the business and protecting an investment while meeting online business needs — moving on to how leveraging a proven CMS can help shape strategy. Finally, we consider the CMS as a platform, and how it could help organizations use the web in challenging times and even give them a competitive advantage.