The fierce pace in manufacturing technologies in the recent times accompanied with short product life-cycle, high time-to-market pressure, vulnerable JIT and lean manufacturing strategies have made it critical for manufacturing companies to adapt the proactive corporate and management strategies as well as production philosophies and processes. In the recent times, manufacturing industry has experienced unprecedented changes related to management perspectives, production and process technologies, drastic changes in customer expectations, supplier attitudes, competitive behavior besides demanding quality requirements due to global competition. These changes have greatly influenced the fundamental shift in the way organizations envision, manage and conduct their business. This calls for making drastic changes in the company's business environment to adapt to the rapidly changing market situation for gaining significant strategic competitive advantage. The world-class competitiveness at every level calls for on-time delivery of the best quality product at the lowest possible cost.