Industry 4.0 encompasses technologies that generate valuable insights from large data exchange networks. This, along with the growing digitalization of organizational information and knowledge, turns these assets into a valuable resource for product and process improvement and optimization. In this context, Knowledge-based Engineering (KBE) is presented as a way to efficiently capture and reuse organizational knowledge. As such, this work conceptualizes the Digital Twin, emerging technology as a KBE enabling application that employs organizational knowledge as the driving force behind product development. To this end, power transformer development is used as a case study.