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This chapter reflects on the understanding of the phenomenon known as Smart Industry, Industry 4.0, fourth industrial revolution, and many other labels. It does so by reflecting on the issue of terminology, as well as the existing diversity regarding the description of the phenomenon. The issue of meaning is addressed by assessing the results from Culot, Nassimbeni, Orzes, and Sartor (2020) and Habraken and Bondarouk (2019) which are, subsequently, used to develop a workable description. Findings from the two assessed studies raise the question of whether a workable construction of the phenomenon is to be understood as the key technologies or the distinctive developments? A question without a definitive answer, but I will present my view by taking inspiration from the manner in which the prior industrial revolutions are commonly understood. This leads to a, still multifaceted though, more focused understanding of the phenomenon. The insights, formulated proposition and developed model stemming from the reflection of terminology and meaning of the phenomenon helps move the current technology-related phenomenon forward. They assist with the establishment of well-documented papers. A critical aspect if we aim to understand how management will look like in the era of this phenomenon.