The concept of the Reconfigurable Manufacturing System (RMS) was introduced for the first time almost 20 years ago as a new manufacturing system concept with functionality and capacity being dynamically changeable through modularity, integrability, diagnosability, and customization. Since its introduction, the RMS concept has been extensively researched from various perspectives and new trends are today increasing its relevance. This research revisits the current status of both RMS research - in terms of research domains and trends - and RMS practice - in terms of potentialities and limitations towards broad industry application. Based on this, a design methodology in four steps is proposed and, to ensure its industry-applicability, the existence or lack of tools for each step is summarized as a basis for future research developments.