This paper presents the idea of implementing the virtual Community of Practice for Product Innovation processes towards the establishment of intelligent enterprise. Since the fourth industrial revolution is passing through the developing phase, implementation of Cyber-Physical Production Systems require more realistic approach. Knowledge Management and Engineering plays an important role in manufacturing industries facing global competition. One of the most promising areas where Knowledge Management is studied and applied is product innovation. This paper explains the efficient and systematic methodology for Knowledge Management through Community of Practice for product innovation. Manufacturing industries can connect with similar industries at global level, sharing and using technical and experiential knowledge in decision making thus converting them into intelligent enterprises.