Manufacturing firms are embracing Digital Transformation and leveraging AI and Big (Smart) Data metrics to achieve greater efficiency and productivity on its shop floor. The interactions of the real and virtual worlds are the backbone of such smart production founded on the principles of Lean. The interconnection of ‘things’ with IIoT-based technology is leading the way to a truly transparent manufacturing environment, the Smart Factory that directly translate into bottom line business results. This presentation will educate the audience on the principles of Digital Transformation, Industry 4.0, the Industrial Internet of Things IIoT; and how manufacturers are leveraging AI-based technologies to achieve significant productivity improvements. Case Studies from Automotive Manufacturers like Maxion Wheels and others, will shed the light on how they are moving from a “fail and fix” to a “predict and prevent” maintenance approach to look at Asset Health and Diagnostics, as well as predict the remaining useful life of their equipment in real time.