“A techno-domain-driven approach will in all likelihood revolutionize how a product development organization resonates with changing end-user demands and, its vendors in a collaborated and continuous engineering setup, and thereby driving transformational change”.The increasing convergence of markets and smart products, shifting business models as well as increased customer expectations have created an unprecedented level of complexity for product development organizations. Particularly, in the automotive industry, complexity has literally exploded in the four dimensions of product, processes, tools and compliance. Thereby, product development organizations are under tremendous stress to adopt stringent processes thus, leading to complex tools usage to meet the target compliance. In order to be in a position to cope with this dilemma of new complexity and to safeguard sustainable competitiveness, it is vital for organizations to implement an integrated, holistic approach to manage the different dimensions of product development. As current product development involves hardware, electrical & mechanical (PLM) components and software components (ALM), their respective lifecycle management processes also throw challenges of coordinated and continuous engineering. This means we need a paradigm shift from the traditional practice of disparate lifecycle management to an innovative concept like Sleek Lifecycle Integration & Management (SLIM).