Book excerpt: In today's competitive environment, manufacturing and service companies are intensifying their customization processes. Customization means companies must meet the challenge of providing individualized products and services, without introducing high costs. Therefore, companies must address both customization and cost factors to gain a competitive advantage. While product customization is the manufacturing of products according to individual customer needs, it does not involve any focus on the cost perspective. Information and Management Systems for Product Customization will concentrate on both product customization and costs' efficiency, which is termed as mass customization. Moreover, mass customization with its multi-dimensions is the new business paradigm challenging today's manufacturing companies.