In order to be competitive, modern manufacturers have to offer best-in-class products. Superior quality of the product requires introduction of new materials, digital design methods and advanced manufacturing technologies into production process. Special attention is given to numerical simulation as the most time efficient, flexible and cheap method to evaluate the level of optimality and viability of the proposed solution as well as to predict further Product Life-Cycle. Accurate setting of material properties and representation of complex material structure is crucial for product design employing simulation. Commonly, material representation for simulation purpose is based on the analytical relationships that provide approximate data and cannot provide multiscale information about structure. Initiation of Material Genome Initiative (MGI) as well as the study of Big Data and Machine Learning concepts leads to development of new, more accurate and reliable instruments for product design that involve material simulation and optimization of material selection process.