In today’s highly competitive market, each company is trying to get their products to market, better than the previous version, and faster than their competitor. The mandate of fast to market would continue to be relevant not just for manufacturing, but also for design and engineering. This calls for transformation to product development process, from the traditional method, towards a more virtual process. The virtual product development process involves simulation driven engineering, and a model based systems engineering approach. In the age of smart manufacturing, where mass customisation also plays a significant role, time is of the essence. The scope for physical prototypes based product validation from design and engineering stand point would result in a highly condensed timeframe, which would enable products to get a market faster. Design, virtually validates the product performance and then manufacturing would be ideal work flow considering the data and simulation driven approach in the age of “smart manufacturing”.