Modelling and Simulation (M&S) are critical capabilities for Cloud Computing. M&S products and services are valuable resources that have to be easily accessible and available on demand in a cost-effective way to users; they provide the required level of agility so that capabilities can be integrated quickly and easily. To address new design and manufacturing challenges in Industry 4.0, digital-driven technologies use simulation tools, Computer Aided Design (CAD), Product Lifecycle Management (PLM) systems and Extended Reality (XR) services to support digital design and information flow throughout a product lifecycle. Thus, XR creates new business value by improving the customer journey, optimizing employee performance, and developing new content and services. The vision of Modelling and Simulation as a Service (MSaaS) aims to make products, data, and processes easily accessible and available on-demand to all users to improve operational effectiveness. The scope of this essay is to provide a comprehensive vision of MSaaS for products, data, and processes in combination with XR services to improve operational effectiveness under the framework of Industry 4.0.