Advanced digital technological innovation, Industry 4.0, is currently utilized in manufacturing. This chapter focuses on high-level introduction of foundation technologies of Industry 4.0 that will certainly transform manufacturing industry, starting from initial stages of product design and development; it will help in the enhancement of PLM to attain smart product development forming the base to smart manufacturing. It will certainly better efficiency and change traditional manufacturing partnerships among vendors, customers, and manufacturers as well as between human and equipment. The problem is to separate hype from truth. Author attempts to identify those brand-new technological advancements that are best to practice along with product lifecycle management. It makes the greatest immediate effect on business process of manufacturers as well develops service possibilities for information and communication technology market. Industrial Internet of Things covers an uncontrolled total up-to-date information throughout the enterprise and makes it into a single source of information. Current smart product handles embedded software application and digital devices through services aboard on the digital engineering journey, making organization to remain affordable and stay competitive.