The Industry 4.0 revolution is changing the manufacturing landscape. A broad set of new technologies emerged (including software and connected equipment) that digitize manufacturing systems. These technologies bring new vitality and opportunities to the manufacturing industry, but they also bring new challenges. This paper focuses on the impact of Industry 4.0 on production planning approaches and software. We first propose a digital twin framework that integrates production planning systems and frontier technologies. The frontier technologies that may impact production planning software are the internet of things, cloud manufacturing, blockchain, and big data analytics. Second, we provide a state-of-the-art on the application of each technology in the production planning, as well as a detailed analysis of the benefit and application status. Finally, this paper discusses the future research and application directions in the production planning. We conclude that Industry 4.0 will lead to the construction of data-driven models for production planning software. These tools will include models built accurately from data, account for uncertainty, and partially actuate the decision autonomously.