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.Obviously, engineering companies of today are facing a fierce competition in a global market. This race to win the market can be characterized as innovation based because the classical competitive factors should be reconciled with other challenges such as new product brands, ecological, safety and legislation aspects.