The production facilities have started to use the most advanced manufacturing techniques
using technology. Factory based on equipment, automation based on process, factory,
logistics, energy, product development, collaborative supply chain is all interconnected
with ICT which has resulted into a Smart Factory. All these automations with ICT
enables the system to be intelligent, optimized and efficient. The “Smart Factory”
phenomenon has already influenced every aspect of business value chains, and hence it
has been analyzed by management scholars worldwide. Despite being part of the rhetoric
in several recent industrial government plans, industry 4.0 and smart factory has not been
systematically reviewed to date. In this study, the researchers have leveraged a systematic
qualitative literature review and a qualitative methodology. This study provides a clear
picture of the current technologies, case applications and challenges of smart factory in
management studies. The researchers explore to understand the technical architectures
involved, and the emerging technologies utilized which are embedded or integrated into
the smart factory environment. The researchers verify the key technologies and all the
associated applications which are effective to the overall equipment leading to smart
factory. The researchers develop a clear framework based on the above aspects as well as
the extensive literature review. This framework can be used by management scholars to
understand the studies surrounding smart factory.