The FLASH project (Flexible Laser-based Manufacturing through Precision Photon Distribution) aims to develop a multi-process laser system to enhance manufacturing techniques such as cutting, drilling, welding, cladding, and micro-machining. By replacing conventional mechanical and chemical processes, the project seeks to reduce energy consumption, material waste, and reliance on consumables. In this paper, life cycle assessment (LCA) was performed for two case studies: an acetabular cup for a hip implant and a Cubic Boron Nitride (CBN) grinding wheel (tool). For the two case studies, the following scenarios were considered: mechanical/chemical and laser processing. A third alternative scenario for the acetabular cup was also analyzed, where near net shape additive manufacturing (AM) is used for the manufacturing of components. Results showed that the production of the acetabular cup had similar environmental impacts (global warming, toxicity, mineral scarcity) for the laser and conventional scenario. However, the impacts were about 70–80% lower with the alternative scenario, mainly due to the material efficiency in AM. For the grinding wheel, the laser scenario had a global warming potential (GWP) 40% lower than that of the conventional process, as the laser here is substituting electroplating, which is a chemical intensive process. The development of the LCA is ongoing, as the laser techniques are still being tested. Results of this preliminary LCA will help define parameters for a digital decision-making tool, integrable with CAD programs, to aid industry operators in optimizing process chains, ensuring product quality, and minimizing environmental impacts.