The new industrial revolution in manufacturing is primarily focused on the implementation of smart manufacturing technologies leading to the factory of the future. This will require the machines, robots and processes to be digitally connected to deliver real-time analysis and monitor them for performance and efficiencies. To take advantage of these important digital technologies, the manufacturing processes and equipment must be operating very efficiently, predictable and the processes always need to be performing at their optimal levels. The factories of the future will have smart innovations operationalized with transformational digital technologies, new business models, and processes that will increase profits, reduce lead time, reduce human interventions, decrease product costs, enhance the consumer experience, and increase global market share by being relevant and responsive to any digital market disruptions. The lean manufacturing principles must be the foundation and constantly be strengthened so that smart manufacturing applications can be efficiently implemented to deliver the required manufacturing productivity and achieve customer responsiveness. To become a customer-driven company, the companies must become a solution provider and constantly improve the end to end supply chain. The goal of smart manufacturing is the value creation for the consumers and the advanced technological innovations to deliver sustainable top-line growth for the companies and to gain a bigger market share.