The deployment of smart manufacturing technologies like communication, computing, sensors, cyber-physical systems, simulation, and data sciences has enabled the operational transformations of the factory ecosystem. Therefore, it is essential to monitor the alterations commenced by the business due to smart manufacturing implementation. Smart Manufacturing Performance Measures (SMPMs) are used to evaluate operational transformations realized through digitalization of systems. However, there is no reported work focusing on the quantification of SMPMs. This study addresses the research gap by defining potential indicators to quantify SMPMs referred to as smart manufacturing performance indicators (SMPIs) identified through literature review methodology. The SMPIs are discussed in detail besides their mathematical expression advocated through in-depth literature study. Further, a conceptual framework for decision-making in smart manufacturing environment based on SMPIs is proposed. The conceptual framework provides guidelines to plan and select the preferred focused manufacturing output and the relevant set of SMPIs contributing to the outputs for expediting effective smart manufacturing implementation. The research findings are beneficial for the managers and consultants to gauge the potential structure of measurement that can be used to evaluate smart manufacturing systems' performance.