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A Review of the Literature on Smart Factory Implementation

This paper systematically reviews the literature on the implementation of Smart Factory. We analyse the academic articles within the Smart Factory literature. Smart Factory, in the context of Industry 4.0 and the IoT, is currently one of the most discussed topics in industrial manufacturing research. Scholars agree that the implementation of Smart Factory leads to the creation of value. We identify a research gap which is related to the make-or-buy decision around some core components of the Smart Factory, especially the Digital Twin (DT). We argue that the effectiveness of value creation depends on the "way" in which Smart Factory is implemented. Firms are required to decide if an implementation project will be executed in-house or through external supplier. In addition, we analysed the research gap through the theoretical lens of Transaction Costs Economics (TCE).