In order to meet the growing demand for productivity and cost effectiveness, the manufacturing setup needs to run the operation with minimal failures, yielding higher availability. This makes it challenging for the manufacturing companies to run their operations economically ensuring the availability and reliability by adopting a full proof maintenance management system. Though reliability-centered maintenance (RCM) is adopted across industries to improve availability and reliability, there is still a lot of scope for improvement. To monitor machinery performance parameters and health conditions on a real-time basis, digitalization is required in the field of maintenance management systems. Industry 4.0 can be used as a tool in RCM, which will strengthen the maintenance management system. It will help to fetch enormous data and perform subsequent analysis for improved availability and reliability. A smart RCM model is proposed in this paper for implementation in the maintenance management system to make it more effective. It describes how manufacturing and other industries can benefit from deploying Industry 4.0, which comprises IOT (the Internet of Things), CPS (the Cyber Physical System), cloud computing, and cognitive computing, converting conventional RCM (reliability-centered maintenance) into smart RCM.