Currently, the concept of Industry 4.0 (I4.0) is reaching most companies by changing the characteristics of their production systems. The aim of this study was to determine the possibilities of applying I4.0 concepts and tools to the product development process in a small- to medium-sized enterprise (SME)—a food processing technology supplier that offers individually tailored solutions. The study employs the case study methodology along with conceptual studies. Based on the available I4.0 concepts/technologies, the areas of the process that could be improved were identified. The study concludes with proposing several modifications in the process in the context of I4.0. Some of the process stages can be shortened by implementing I4.0 tools. It was found that the length of the process can be shortened from 36 to 26 months, and possible gains also include energy savings. Technological tools, referred to as augmented/virtual reality, along with simulations and virtual manufacturing, seem to have particular applicability. The energy savings estimation emerged as a check gate evaluating if technological implementations are justified. Directions for further research with reference to I4.0 and studied processes are determined.