Yesterday we set up a wiki (FlexWiki specifically) in order to consolidate all the information floating around. We can store information for easy access & easy modification -- think of it like a very lightweight intranet where the content to noise ratio is awfully high. Wiki's are usually free & easy to set up. FlexWiki, for example, is ASP.NET-based, doesn't require a database, obeys NTLM/Windows ACL, and took us 20 minutes to get running. Seriously.

So, you should look into a Wiki if you:

ever find yourself telling people the same information over & over again

ever find yourself trying to find the "correct" version of a certain informational document

ever find yourself trying to get "Document XYZ" updated on the intranet, but you can't update the information because the only person(s) who can edit it are busy or out of the office

ever find yourself dealing with ten different places where information is stored, in ten different forms

Get that information out of your head and into your Wiki!

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