Smart Automation
Anything mundane process that takes care of its own basic operations autonomously, which is otherwise going to use human assistance/supervision can be called a Smart Automation.
For example, a Water Level Controller for a building that takes care of the water level on the overhead tank is one such thing. However it is still an independent system and may or may not be able to be integrated with a larger supervisory & data acquisition system, so in such case, it becomes a stand-alone automation.
IIoT
Industry 4.0 is the next BIG thing in action. It is a larger & integrated implementation of Smart Automation. It is nothing but the, Industrial Internet of Things (IIoT) - which means, connecting all system nodes to form one super-intelligent system which knows every single point of the information process it is involved with.
This type of automation helps in networking all the different points/nodes to be enabled to be supervised & controlled by a central computer or operator, thereby removing unnecessary time blocks which would otherwise consume/waste lots of resources, like time, material & manpower.