The advent of Industry 4.0 marks a significant transformation in industrial paradigms, driven by the integration of advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), big data analytics, and cyber-physical systems. This paper reviews the multifaceted effects of these emerging technologies on supply chain management (SCM). It highlights the substantial advantages, including enhanced operational efficiency, improved visibility, real-time decision-making capabilities, and increased supply chain resilience. Concurrently, the review addresses the significant challenges organizations face during adoption, such as legacy system integration issues, high investment costs, workforce adaptation, and critical cybersecurity concerns. Drawing on insights from the literature and illustrative case examples, the paper underscores the necessity of strategic planning for successful implementation. Finally, it identifies key areas for future research focusing on adoption frameworks, best practices, and interdisciplinary approaches to further unlock the potential of Industry 4.0 in evolving global supply chains.