In a competitive global economy, where the strength of companies and organizations are measured by their profit margin, there is a constant exploration of new ways to shorten lead-times to market a new product by manufacturers. Survival in this competitive global market demands some aggressive strategies that would increase productivity without driving high companies overhead. Reverse engineering application is one strategy that has the capacity of generating a multiplicity effect by compressing product development times, and at the same time increase output. This can be achieved in many ways, but by duplicating an existing component, subassembly, or product, without the aid of drawings, documentation, or computer model through reverse engineering and rapid product development. Some of the items to be covered in this paper include:(Sub-topics). 1.0 Introduction. 2.0 General overview of reverse engineering 2.1.0 Relationship between RE and RAD. 2.1.1 Real applications of RE and RAD. 2.2.0 Concepts of Reverse Engineering. 2.2.1 Some examples of Reengineered products. 2.2.2 Some advances or progress of RE. 2.2.3 Limitations and Failures of RE. 2.3.0 RE and Indigenous software/hardware development. 2.3.1 Economic advantages of RE. 2.3.2 Reverse Engineering processes. 3.0 Conclusion I will be bringing up some ideas of how companies, especially in emerging economy can cut costs through the application of reverse engineering. It is obvious that through reverse engineering and RAD, some outdated and forgotten technologies can be reverse engineered, modernized and refined to first class products.