The purpose of the research was to investigate and propose what a digital twin and thread are and how they can be integrated into Product Lifecycle Management (PLM). PLM has been advocating for the management of data throughout the lifecycle of the solution, from development, manufacturing, to service life, and removal from operations and recycling back into the value chain. PLM can support the physical and digital sustainability goals if the relationship between the virtual and real world are understood. Digital Twins and Digital Threads are enabling these goals. However, the definitions of the areas are fragmented and lack a common vision. Digital twins are at the core of digitalisation and sustainable business models, which can be realized with multi-body physics-based simulation and event data. The alignment and definition of PLM, Digital Twin and Digital Threads are and how they relate to each other is unclear. The goal of this paper is to propose an answer to this question through research that has been carried out with manufacturing companies. Through this study B2B manufacturing companies can create a foundation for Industry 5.0 based goals.