In a wider sense, Industry 4.0 refers to the linking of the value chains in development, production, service and sales using state-of-the-art information and communication technologies. The development of smart, connected, or connectable, products and services and the associated production systems demands new engineering concepts. The objective of smart engineering is the creation of end-to-end digital value chains based on digital product models that can be enriched with data generated during the service life of a product. The Internet of Things (IoT) and the analysis of Big Data open up new possibilities here, from predictive maintenance to product optimization. At the same time, they provide the basis for new, service-oriented business models.