Technologies such as the Internet of Things (IoT), cloud computing, and Smart Systems (SSs) have become an important focus for industry, especially in the manufacturing and retail sectors. The aim of this paper is to analyse the importance of SSs and their related technologies in improving business performance. Through an initial systematic review of sixty-one papers, the authors identify six key determinants that lead to the effective application of SSs in business systems, namely, the application of effective managerial skills, supply chain integration, financial analysis, business performance, strategic and operational capabilities, and technologies. The work then goes on to develop an industry case study that informs thinking on the capabilities of smart technologies in collaborative working environments and then onto the development of a practice-focused framework for future research. This study identifies that the implementation of SSs within organisations not only improves business performance but also their supply chains through the effective integration of business activities and systems, and through the degree to which communication and decision-making is facilitated between humans and devices. This leads to the improvement of quality, speed of information, and information sharing. This study also finds that there is a lack of systems standards that currently govern IoT and SSs integration and data security within businesses.