Competencies in the management literature are analyzed from different perspectives. A converging point of the various approaches is the fact that competencies provide a critical context for a unified treatment of business processes and personal development. In other words the achievement of critical business objectives is directly related to knowledge and learning management. The objective of this chapter is to analyze competencies management from a managerial perspective and to develop a set of requirements for new knowledge and learning management systems aiming to capitalize the application of competencies management in to daily business life. The relevant discussion is initiated with the provision of several real world scenarios that summarize the key business challenges of competencies development, management and reuse, in the Education and Health Domains. The resulting list of requirements is used for a critical overview of limitations of current Technology Enhanced learning approaches especially in the context of real businesses. The concluding section of this chapter discusses the new insights that competencies management through SW and TEL approaches bring to well known business problems and reveals several streams of emerging research on the topic.