Virtual Engineering (VE) is a multidisciplinary field in Computeraided Engineering (CAE) technologies involving interaction of diverse computer-based engineering tools such as computer-aided design (CAD) in geometric modelling, finite element methods (FEM) in analysis and other mechanical and process simulation systems. Within a product’s lifecycle, design is the cornerstone and drives the aspiration of simulation-based engineering aimed to create smooth communication among the diverse CAE tools. This demands a collaborative engineering work where VE and the interface standards play a key role. In summary, VE based design lays the foundation of the product data description that can integrate processes involved in a product’s lifecycle and contribute in making the manufacturing system intelligent, smart and cost effective. This demands enabling the computer-based technologies to easily communicate to each other with no or less human intervention. Though some of the technologies in this area are sufficiently matured, there still exists significant research to be done in order to achieve real intelligent processes. As indicated earlier, this can be possible if the product data is completely and correctly built in the CAD model and the smooth transfer of this data to other components in the system is enabled through further research.