There is a wide consensus that simulation practices play an increasingly important and steadily broadening role in the innovation of product development, engineering and maintenance. Leading industrial organizations understand that the correct implementation and operation of simulation technology is a prerequisite for their continued success and growth. The expanding demand for simulation over the last twenty years has been met by a rapidly growing simulation software industry. This fundamental change in traditional industrial practices has increased interest in Simulation Governance. Yet, across industrial organizations, from management to simulation engineers, obstacles to taking advantage of the new opportunities created by this unique and growing demand have been encountered. Successful companies in this journey have a long-term view and know how to connect three key areas: i.) strategic business value deliveries in product development, manufacturing and service ii.) innovated practice in model management and simulation iii.) modernized simulation and CAE environment. This presentation addresses the critical challenge of increasing business need for simulation contrasted by a lack of confidence in traditional simulation practices. Best methods and practices for increased simulation confidence are the focus of our discussion. These include some of the key business drivers for increased reliance on simulation-generated information in industry, as increased cost efficiency in physical testing, improved staffing resource utilization and increased revenue by expanding customer benefits by simulation services. The presentation is based on the authors’ research and extensive experience in numerical simulation, simulation process and data management and strategic industrial business value delivery. Some of the key opportunities and critical challenges in current engineering simulation practice will be addressed in light of different simulation innovation endeavors. The fundamental principles of simulation governance will be discussed for the successful implementation and strengthening of simulation confidence in industrial organizations. The discussion will be concluded by outlining an action plan.