The concept of smart factory for smart manufacturing (SM) is an innovative dimension in the world class manufacturing system, an evolution from the next generation industrial revolution based on Industry 4.0 & 5.0, which promotes digitally connecting and managing all operations, decision centres and customers for efficiently monitoring the business results through cyber physical devices for machines & processes. It is a factory which is managed intelligently without lag in information, zero wastage along with highest quality, optimum resources utilization, on-time delivery with competitive price. On this objectives, in this study, the techniques are developed on how to make a smart & world class production system through smart manufacturing in a future factory and develop frameworks with technical coverages of Smart Manufacturing (SM) & Future of Factory (FoF), and the process excellence through digitalization with progressive business excellence model. This article includes various global techniques on SM, industry initiatives through studies and feedback from expert views for visualization of the future state of a smart factory.