Model-Based Systems Engineering (MBSE) is an efficient approach to support product development in order to meet today's challenges. The MBSE approach includes methods and, above all, modelling approaches of the technical system with the aim of continuous use in development. The objective of this paper is to use the potential of the MBSE models and to show the added value of such models on the system level when used as a single source. With this objective, this paper presents a three-step approach to systematically identify and apply meaningful modelling approaches within MBSE, based on the needs during the development process. Furthermore, an FMEA example is included in this paper to elaborate the use of MBSE in the system failure analysis.