Sustainability is the core concern of every business; The exploration of avenues to maintain sustainability while staying competitive with high level of productivity remains a vital endeavor. Production flexibility is a key area that can enhance the sustainability of manufacturing industries as it can ensure product availability, scalability, agility/fault tolerance as well as disaster recovery potentials. Technological advancements have provided avenues where companies can enhance virtually all aspects of their operations for efficiency, effectiveness, and productivity. This paper uses both quantitative and qualitative research approach to identify the capability requirements for smart and effective production management and subsequent analysis is done using Multi-Criteria Decision-Making methodology to identify and rank various industry 4.0 technologies and concepts that can provide these smart capabilities in in manufacturing industries to aid the businesses to achieve sustainability with production flexibility. The paper identifies over 12 smart capabilities and 9 Industry 4.0 Technologies which are applicable to production management. It also compares results from the analytics of historical I4.0 implementation as discussed in literatures with the current state as deduces from survey feedbacks from various manufacturing industries.