Growing concerns with respect to increasing demand, zero defect and on-time production has resulted in emergence of smart production technology. Advancement in technologies are bringing together industrial value chain functions, such as product design, production planning, production execution, and services. On the other hand, technological advancements have resulted in making production facilities smarter in terms of efficiency, while minimizing defects, waste, and downtime. These types of facilities, classified as smart factories, help gain competitive advantage by making business process more dynamic. Across the supply chain, smart factory includes dynamic systems, intelligent analytics, smart machines, savvy workers, customers, and clients. Similarly, advances in production technologies ensures factories are safer, smarter, and environmentally sustainable.