Considering the ongoing trend of digitalization of the manufacturing industry to Industry 4.0, this paper assists in the transformation. The research work is focused on studying the possible impacts of Industry 4.0 on lean management (LM) tools which play a vital role to foster quality and reliability of products and services that are delivered to the customers. The LM tools which are impacted by the advent of Industry 4.0 and assisting in successful implementation of future smart factory will be investigated in particular focus. An interaction plot matrix is established to quantify the influence of LM tools on Industry 4.0. Interaction between these Industry 4.0 design principles and LM tools reveal several opportunities for achieving synergies thus leading to successful implementation of future interconnected smart factories. Overall, the research work serve as a guideline for industries that are under the transformation phase towards future smart factory and offers space for further scientific discussion.