Development of products in this smart connected world is comes with the high complex customer requirement. Product manufacturers will certainly have to enhance their traditional business models to involve customers in the process of development to enable a lifecycle approach for the advancement of the progressively complex connected products. This chapter discusses about technological advancement that opens up new opportunities, so manufacturers require to consider new methods to generate value and earnings from product lifecycle management through Industrial Internet of Things. Industrial Internet of Things spawned data to complement product lifecycle management, which creates a much more polished data identifications and promotes further product development to a diverse level. Author took a step forward to explain how Industry 4.0 leverage product lifecycle management to harmonize sustainability and compliance, which require manufacturers to adopt a step-by-step method to welcome connected Smart PLM or i-PLM 4.0.