This presentation focusses on the use cases and motivations behind FMI and provide some tips on when to use Model Exchange or Co-Simulation. It illustrates how FMI helps covering all the phases of product design in a scalable way by connecting LMS Imagine.Lab Amesim™ models with models of various levels of detail such as 3D/MBS tools or advanced FEA or CFD codes. Parallelized heterogeneous co-simulation of Functional Mock-up Units (FMUs) is described from MiL, through SiL, towards HiL applications, for instance on recent FMI compliant multiprocessor real-time targets. The use of “surrogate FMUs” for controls validation, or for evaluating global product performance attributes such as Vehicle Fuel Economy is discussed. Then it is explained why FMI enables the management of complex product architectures and their associated scenarios at high level, and how this can be achieved thanks to Siemens PLM Software's LMS Imagine.Lab product family. Lastly, Siemens PLM Software provides its view and perspectives on promising evolutions of the FMI standard.