Connectivity requirements for factory automation involve some of the strictest Quality of Service (QoS) targets via a combination of ultra-high reliability and low latency demands from the communication service. They form a significant fraction of use cases under Ultra-Reliable Low Latency Communications (URLLC) industry vertical in 5G New Radio (NR). In this paper, we present a latency-reliability analysis framework that highlights different system design and operation considerations for URLLC. Specifically, we focus on downlink (DL) multi-transmission point (multi-TP) coordination and/or transmission schemes in factory automation scenarios, and show the potential gains in terms of outage probability for a URLLC service requirement of 1 ms latency and 99.999% reliability.