The market has been evolving lately, with the introduction of more and more digital tools that industries are making use to improve their overall operations within the Production process. The integration of digital tools within the Product realization process has major advantages in improving production performance. Many large industries make use of digital tools to digitize their products making them smart products. Implementing these digital tools can be beneficial for reshaping the organization which can lead to better customer satisfaction and improve business strategy. This project explores different digital tools that can be integrated with the product realization process and how these tools contribute to the different production development phases. This thesis presents a detailed study of the digital tools Simulation, Visualization, Emulation, and Digital twins which can be integrated with the product development process. A pre-study is conducted to gather knowledge regarding the application of these tools and further discover how these tools can support the Product realization process and is used to describe which tool works best at which stage of the product realization process, which can be used to improve the efficiency and accuracy of the production process. Implementing these digital tools within the production facility can be associated to smart factory paradigm of the Fourth industrial revolution Industry4.0.This research aims to contribute to the use of digital tools in the production processes and aids in bridging the gap between traditional and modern manufacturing methods. The outcome of this study is to clarify how the above-mentioned digital tools are linked to the product realization process to support an efficient and digitalized production development, also mentioning the strengths and weaknesses of these tools. The resulting analysis has provided a framework developed to support an efficient digitalized production development and preparation process for assembly tasks utilizing human and robot collaboration. This research paper can be used as a guide for companies that want to explore how implementing digital tools in their product realization process and how it may improve their productivity.