This article presents a methodology applicable to the formation of collaborative bill-of-materials (C-BOM), coordinating production scheduling and monitoring operational processes. The concept of collaborative product development process is described in detail through an example network, where the participating organisations form a temporary virtual organisation (VO) and contribute throughout the entire product development processes. In this paper, the basic need for exchanging product information among the partners is carried out through IT-based software tools, where the partners are enabled to visualise and monitor the operational processes in a real-time environment. This research study concludes with the overall research outcomes and future research directions.