Additive manufacturing (AM) is considered an emerging Industry 4.0 technology with the potential to significantly change operations and supply chain management. In this context, this study aims to explore the effects of AM adoption on how companies conduct business. To achieve this goal, a systematic literature review including 136 papers was conducted. As a result, a framework including all of the effects (consolidated and inconclusive) found of AM adoption on a company's business was developed. While various effects (e.g., the feasibility of a complex product, the freedom of product design, mass customization capability, and product variety) have frequently been studied in the literature and are consolidated, some are still considered consolidated effects but presenting only conceptual studies (e.g., enterprise reliability, equipment reliability/availability for maintenance, information flow, and production democratization) then needed practical research. In addition, there are still contradictions regarding the effects of AM on competitiveness, cost, dependence on the supplier, environmental impact, health and safety, product quality, production efficiency, responsiveness, supply chain complexity and flexibility, worker qualifications, number of workers and workload (inconclusive effects). In the end, this paper identifies management and technical/technological aspects to be considered when adopting AM, which have positive or negative effects on the AM adoption process. The most important aspects include technology, production strategy, technical requirements and supply chain distribution, influencing AM adoption positively or negatively. Then, we also highlight some inconclusive research results from the literature, presenting opportunities for future research. This work may support managers and policy makers in better understanding the AM adoption process and their potential business impacts.