diff --git a/.github/workflows/tag-and-build.yml b/.github/workflows/tag-and-build.yml
index 335c666c..413ccf2d 100644
--- a/.github/workflows/tag-and-build.yml
+++ b/.github/workflows/tag-and-build.yml
@@ -7,35 +7,69 @@ on:
       version:
         description: 'Tag to be used for operator image'
         required: true
-        default: '0.0.0-dev'
+        default: 'v0.0.0-dev'
       replaces:
         description: 'The previous semantic version that this tag replaces.'
         required: true
-        default: '0.0.0-dev'
+        default: 'v0.0.0-dev'
+      mcad-version:
+        description: 'Published version of multi-cluster-app-dispatcher'
+        required: true
+        default: 'v0.0.0-dev'
+      codeflare-sdk-version:
+        description: 'Published version of CodeFlare-SDK'
+        required: true
+        default: 'v0.0.0-dev'
+      instascale-version:
+        description: 'Published version of InstaScale'
+        required: true
+        default: 'v0.0.0-dev'
+      is-stable:
+        description: 'Select if the built image should be tagged as stable'
+        required: true
+        type: boolean
+      quay-organization:
+        description: 'Quay organization used to push the built images to'
+        required: true
+        default: 'project-codeflare'
+      community-operators-prod-fork-organization:
+        description: 'Owner of forked community-operators-prod repository used to push bundle files to'
+        required: true
+        default: 'project-codeflare'
+      community-operators-prod-organization:
+        description: 'Owner of target community-operators-prod repository used to open a PR against'
+        required: true
+        default: 'redhat-openshift-ecosystem'
 
 jobs:
   push:
     runs-on: ubuntu-latest
+
+    # Permission required to create a release
+    permissions:
+      contents: write
+
     steps:
     - uses: actions/checkout@v3
 
+    - name: Verify that release doesn't exist yet
+      shell: bash {0}
+      run: |
+        gh release view ${{ github.event.inputs.version }}
+        status=$?
+        if [[ $status -eq 0 ]]; then
+          echo "Release ${{ github.event.inputs.version }} already exists."
+          exit 1
+        fi
+      env:
+        GITHUB_TOKEN: ${{ github.TOKEN }}
+
     - name: Activate cache
       uses: actions/cache@v3
       with:
         path: /cache
         key: ${{ runner.os }}-cache-${{ hashFiles('**/go.sum', '.pre-commit-config.yaml') }}
 
-    - name: Create tag
-      uses: actions/github-script@v6
-      with:
-        script: |
-          github.rest.git.createRef({
-            owner: context.repo.owner,
-            repo: context.repo.repo,
-            ref: 'refs/tags/${{ github.event.inputs.version }}',
-            sha: context.sha
-          })
-
     - name: Install operator-sdk
       run: make install-operator-sdk
 
@@ -46,18 +80,62 @@ jobs:
         password: ${{ secrets.QUAY_TOKEN }}
         registry: quay.io
 
-    - name: Image Build
+    - name: Image Build and Push
       run: |
         make build
-        make bundle
-        make image-build -e IMG=quay.io/project-codeflare/codeflare-operator:${SOURCE_TAG}
-        podman tag quay.io/project-codeflare/codeflare-operator:${SOURCE_TAG} quay.io/project-codeflare/codeflare-operator:latest
+        make image-build -e IMG=quay.io/${{ github.event.inputs.quay-organization }}/codeflare-operator:${{ github.event.inputs.version }}
+        make image-push -e IMG=quay.io/${{ github.event.inputs.quay-organization }}/codeflare-operator:${{ github.event.inputs.version }}
+
+    - name: Image Push as stable tag
+      if: ${{ inputs.is-stable }}
+      run: |
+        podman tag quay.io/${{ github.event.inputs.quay-organization }}/codeflare-operator:${{ github.event.inputs.version }} quay.io/${{ github.event.inputs.quay-organization }}/codeflare-operator:stable
+        make image-push -e IMG=quay.io/${{ github.event.inputs.quay-organization }}/codeflare-operator:stable
+
+    - name: Build bundle and create PR in OpenShift community operators repository
+      run: |
+        git config --global user.email "codeflare-ci@redhat.com"
+        git config --global user.name "CodeFlare CI"
+        make openshift-community-operator-release
       env:
-        SOURCE_TAG: ${{ github.event.inputs.version }}
+        VERSION: ${{ github.event.inputs.version }}
+        PREVIOUS_VERSION: ${{ github.event.inputs.replaces }}
+        INSTASCALE_VERSION: ${{ github.event.inputs.instascale-version }}
+        MCAD_VERSION: ${{ github.event.inputs.mcad-version }}
+        GH_TOKEN: ${{ secrets.GH_PAT }}
+        IMAGE_ORG_BASE: quay.io/${{ github.event.inputs.quay-organization }}
+        OPERATORS_REPO_FORK_ORG: ${{ github.event.inputs.community-operators-prod-fork-organization }}
+        OPERATORS_REPO_ORG: ${{ github.event.inputs.community-operators-prod-organization }}
+
+    - name: Adjust Compatibility Matrix in readme
+      run: |
+        sed -i -E "s/(.*CodeFlare Operator.*)v[0-9]+\.[0-9]+\.[0-9]+(.*)/\1${{ github.event.inputs.version }}\2/" README.md
+        sed -i -E "s/(.*Multi-Cluster App Dispatcher.*)v[0-9]+\.[0-9]+\.[0-9]+(.*)/\1${{ github.event.inputs.mcad-version }}\2/" README.md
+        sed -i -E "s/(.*CodeFlare-SDK.*)v[0-9]+\.[0-9]+\.[0-9]+(.*)/\1${{ github.event.inputs.codeflare-sdk-version }}\2/" README.md
+        sed -i -E "s/(.*InstaScale.*)v[0-9]+\.[0-9]+\.[0-9]+(.*)/\1${{ github.event.inputs.instascale-version }}\2/" README.md
+
+    - name: Adjust MCAD and InstaScale dependencies in the code
+      run: |
+        sed -i -E "s/(.*MCAD_VERSION \?= )v[0-9]+\.[0-9]+\.[0-9]+(.*)/\1${{ github.event.inputs.mcad-version }}\2/" Makefile
+        sed -i -E "s/(.*INSTASCALE_VERSION \?= )v[0-9]+\.[0-9]+\.[0-9]+(.*)/\1${{ github.event.inputs.instascale-version }}\2/" Makefile
+        sed -i -E "s/(.*instascale-controller:)v[0-9]+\.[0-9]+\.[0-9]+(.*)/\1${{ github.event.inputs.instascale-version }}\2/" controllers/testdata/instascale_test_results/case_1/deployment.yaml
+        sed -i -E "s/(.*instascale-controller:)v[0-9]+\.[0-9]+\.[0-9]+(.*)/\1${{ github.event.inputs.instascale-version }}\2/" controllers/testdata/instascale_test_results/case_2/deployment.yaml
+
+    - name: Commit readme changes back to repository
+      uses: stefanzweifel/git-auto-commit-action@v4
+      with:
+        commit_message: Update dependency versions for release ${{ github.event.inputs.version }}
+        file_pattern: 'README.md controllers/defaults.go *.yaml *.tmpl Makefile'
 
-    - name: Image Push
+    - name: Creates a release in GitHub
       run: |
-        make image-push -e IMG=quay.io/project-codeflare/codeflare-operator:${SOURCE_TAG}
-        make image-push -e IMG=quay.io/project-codeflare/codeflare-operator:latest
+        gh release create ${{ github.event.inputs.version }} --target ${{ github.ref }} --generate-notes
+        # Edit notes to add there compatibility matrix
+        sed --null-data -E "s/(.*<\!-- Compatibility Matrix start -->)(.*)(<\!-- Compatibility Matrix end -->.*)/\2/" README.md > release-notes.md
+        echo "" >> release-notes.md
+        echo "$(gh release view --json body --jq .body)" >> release-notes.md
+        gh release edit ${{ github.event.inputs.version }} --notes-file release-notes.md
+        rm release-notes.md
       env:
-        SOURCE_TAG: ${{ github.event.inputs.version }}
+        GITHUB_TOKEN: ${{ github.TOKEN }}
+      shell: bash
diff --git a/CONTRIBUTING.md b/CONTRIBUTING.md
index 85d98b38..f321c10d 100644
--- a/CONTRIBUTING.md
+++ b/CONTRIBUTING.md
@@ -44,7 +44,7 @@ For building and pushing a new version of the bundled operator image:
  - `make bundle-push -e IMAGE_TAG_BASE=<image-repo/image-name> VERSION=<new semver> PREVIOUS_VERSION=<semver to replace>`
 
 To create a new openshift-community-operator-release:
- - `make openshift-community-operator-release -e IMAGE_TAG_BASE=<image-repo/image-name> VERSION=<new semver> PREVIOUS_VERSION=<semver to replace>`
+ - `make openshift-community-operator-release -e IMAGE_TAG_BASE=<image-repo/image-name> VERSION=<new semver> PREVIOUS_VERSION=<semver to replace> GH_TOKEN=<GitHub token for pushing bundle content to forked repository>`
 
 ## Testing
 The CodeFlare Operator currently has unit tests and pre-commit checks
diff --git a/Makefile b/Makefile
index 163bfbfd..a6a5c1f1 100644
--- a/Makefile
+++ b/Makefile
@@ -1,13 +1,15 @@
 # VERSION defines the project version for the bundle.
 # Update this value when you upgrade the version of your project.
 # To re-generate a bundle for another specific version without changing the standard setup, you can:
-# - use the VERSION as arg of the bundle target (e.g make bundle VERSION=0.0.2)
-# - use environment variables to overwrite this value (e.g export VERSION=0.0.2)
+# - use the VERSION as arg of the bundle target (e.g make bundle VERSION=v0.0.2)
+# - use environment variables to overwrite this value (e.g export VERSION=v0.0.2)
 # best if we could detect this. If we cannot, we need to document it somewhere.
 # then we can add a patch in the `PHONY: bundle`
+# BUNDLE_VERSION is declared as bundle versioning doesn't use semver
 
-PREVIOUS_VERSION ?= 0.0.0-dev
-VERSION ?= 0.0.0-dev
+PREVIOUS_VERSION ?= v0.0.0-dev
+VERSION ?= v0.0.0-dev
+BUNDLE_VERSION ?= $(VERSION:v%=%)
 
 # INSTASCALE_VERSION defines the default version of the InstaScale controller
 INSTASCALE_VERSION ?= v0.0.4
@@ -19,6 +21,11 @@ MCAD_REF ?= release-${MCAD_VERSION}
 MCAD_REPO ?= github.com/project-codeflare/multi-cluster-app-dispatcher
 MCAD_CRD ?= ${MCAD_REPO}/config/crd?ref=${MCAD_REF}
 
+# OPERATORS_REPO_ORG points to GitHub repository organization where bundle PR is opened against
+# OPERATORS_REPO_FORK_ORG points to GitHub repository fork organization where bundle build is pushed to
+OPERATORS_REPO_ORG ?= redhat-openshift-ecosystem
+OPERATORS_REPO_FORK_ORG ?= project-codeflare
+
 # CHANNELS define the bundle channels used in the bundle.
 # Add a new line here if you would like to change its default config. (E.g CHANNELS = "candidate,fast,stable")
 # To re-generate a bundle for other specific channels without changing the standard setup, you can:
@@ -56,10 +63,10 @@ INSTASCALE_IMAGE ?= $(IMAGE_ORG_BASE)/instascale-controller:$(INSTASCALE_VERSION
 
 # BUNDLE_IMG defines the image:tag used for the bundle.
 # You can use it as an arg. (E.g make bundle-build BUNDLE_IMG=<some-registry>/<project-name-bundle>:<tag>)
-BUNDLE_IMG ?= $(IMAGE_TAG_BASE)-bundle:v$(VERSION)
+BUNDLE_IMG ?= $(IMAGE_TAG_BASE)-bundle:$(VERSION)
 
 # BUNDLE_GEN_FLAGS are the flags passed to the operator-sdk generate bundle command
-BUNDLE_GEN_FLAGS ?= -q --overwrite --version $(VERSION) $(BUNDLE_METADATA_OPTS)
+BUNDLE_GEN_FLAGS ?= -q --overwrite --version $(BUNDLE_VERSION) $(BUNDLE_METADATA_OPTS)
 
 # USE_IMAGE_DIGESTS defines if images are resolved via tags or digests
 # You can enable this value if you would like to use SHA Based Digests
@@ -70,7 +77,7 @@ ifeq ($(USE_IMAGE_DIGESTS), true)
 endif
 
 # Image URL to use all building/pushing image targets
-IMG ?= ${IMAGE_TAG_BASE}:v${VERSION}
+IMG ?= ${IMAGE_TAG_BASE}:${VERSION}
 # ENVTEST_K8S_VERSION refers to the version of kubebuilder assets to be downloaded by envtest binary.
 ENVTEST_K8S_VERSION = 1.24.2
 
@@ -312,7 +319,7 @@ bundle: defaults manifests kustomize install-operator-sdk ## Generate bundle man
 	$(KUSTOMIZE) fn run config/crd/mcad --image gcr.io/kpt-fn/apply-setters:v0.2.0 -- MCAD_CRD=$(MCAD_CRD)
 	cd config/manager && $(KUSTOMIZE) edit set image controller=$(IMG)
 	cd config/manifests && $(KUSTOMIZE) edit add patch --patch '[{"op":"add", "path":"/metadata/annotations/containerImage", "value": "$(IMG)" }]' --kind ClusterServiceVersion
-	cd config/manifests && $(KUSTOMIZE) edit add patch --patch '[{"op":"add", "path":"/spec/replaces", "value": "codeflare-operator.v$(PREVIOUS_VERSION)" }]' --kind ClusterServiceVersion
+	cd config/manifests && $(KUSTOMIZE) edit add patch --patch '[{"op":"add", "path":"/spec/replaces", "value": "codeflare-operator.$(PREVIOUS_VERSION)" }]' --kind ClusterServiceVersion
 	$(KUSTOMIZE) build config/manifests | $(OPERATOR_SDK) generate bundle $(BUNDLE_GEN_FLAGS)
 	$(MAKE) validate-bundle
 	git restore config/*
@@ -325,13 +332,13 @@ bundle-build: bundle ## Build the bundle image.
 bundle-push: ## Push the bundle image.
 	$(MAKE) image-push IMG=$(BUNDLE_IMG)
 
-.PHONY: openshift-community-operator-releases
+.PHONY: openshift-community-operator-release
 openshift-community-operator-release: install-gh-cli bundle ## build bundle and create PR in OpenShift community operators repository
-	gh repo clone git@github.com:project-codeflare/community-operators-prod.git
-	cd community-operators-prod && git pull upstream main && git push origin main
-	cp -r bundle community-operators-prod/operators/codeflare-operator/$(VERSION)
-	cd community-operators-prod && git checkout -b codeflare-release-$(VERSION) && git add operators/codeflare-operator/$(VERSION)/* && git commit -s -m "add bundle manifests codeflare version $(VERSION)" && git push origin codeflare-release-$(VERSION)
-	gh pr create --repo redhat-openshift-ecosystem/community-operators-prod --title "CodeFlare $(VERSION)" --body "New release of codeflare operator" --head project-codeflare:codeflare-release-$(VERSION) --base main
+	git clone https://$(GH_TOKEN)@github.com/$(OPERATORS_REPO_FORK_ORG)/community-operators-prod.git
+	cd community-operators-prod && git remote add upstream https://github.com/$(OPERATORS_REPO_ORG)/community-operators-prod.git && git pull upstream main && git push origin main
+	cp -r bundle community-operators-prod/operators/codeflare-operator/$(BUNDLE_VERSION)
+	cd community-operators-prod && git checkout -b codeflare-release-$(BUNDLE_VERSION) && git add operators/codeflare-operator/$(BUNDLE_VERSION)/* && git commit -m "add bundle manifests codeflare version $(BUNDLE_VERSION)" && git push origin codeflare-release-$(BUNDLE_VERSION)
+	gh pr create --repo $(OPERATORS_REPO_FORK_ORG)/community-operators-prod --title "CodeFlare $(BUNDLE_VERSION)" --body "New release of codeflare operator" --head $(OPERATORS_REPO_ORG):codeflare-release-$(BUNDLE_VERSION) --base main
 	rm -rf community-operators-prod
 
 .PHONY: opm
@@ -356,7 +363,7 @@ endif
 BUNDLE_IMGS ?= $(BUNDLE_IMG)
 
 # The image tag given to the resulting catalog image (e.g. make catalog-build CATALOG_IMG=example.com/operator-catalog:v0.2.0).
-CATALOG_IMG ?= $(IMAGE_TAG_BASE)-catalog:v$(VERSION)
+CATALOG_IMG ?= $(IMAGE_TAG_BASE)-catalog:$(VERSION)
 
 # Set CATALOG_BASE_IMG to an existing catalog image tag to add $BUNDLE_IMGS to that image.
 ifneq ($(origin CATALOG_BASE_IMG), undefined)
diff --git a/README.md b/README.md
index e6447831..afc9dafa 100644
--- a/README.md
+++ b/README.md
@@ -1,6 +1,8 @@
 # codeflare-operator
 Operator for installation and lifecycle management of CodeFlare distributed workload stack, starting with MCAD and InstaScale
 
+<!-- Don't delete these comments, they are used to generate Compatibility Matrix table for release automation -->
+<!-- Compatibility Matrix start -->
 CodeFlare Stack Compatibility Matrix
 
 | Component                    | Version |
@@ -10,6 +12,7 @@ CodeFlare Stack Compatibility Matrix
 | CodeFlare-SDK                | v0.4.4  |
 | InstaScale                   | v0.0.4  |
 | KubeRay                      | v0.5.0  |
+<!-- Compatibility Matrix end -->
 
 ## Release process
 
@@ -23,23 +26,12 @@ Release steps:
 
 2. Check result of [tag-and-build.yml](https://github.com/project-codeflare/codeflare-operator/actions/workflows/tag-and-build.yml) GitHub action, it should pass.
 
-3. Update CodeFlare Stack Compatibility Matrix in operator README.
+3. Verify that compatibility matrix in [README](https://github.com/project-codeflare/codeflare-operator/blob/main/README.md) was properly updated.
 
-4. Update InstaScale and MCAD versions:
-- in [Makefile](https://github.com/project-codeflare/codeflare-operator/blob/02e14b535b4f7172b0b809bcae4025008a1a968b/Makefile#L12-L16).
-- in [mcad/deployment.yaml.tmpl](https://github.com/project-codeflare/codeflare-operator/blob/main/config/internal/mcad/deployment.yaml.tmpl#L28)
-- in [controllers/defaults.go](https://github.com/project-codeflare/codeflare-operator/blob/main/controllers/defaults.go) by running `make defaults`
-- in [controllers/testdata/instascale_test_results/case_1/deployment.yaml](https://github.com/project-codeflare/codeflare-operator/blob/main/controllers/testdata/instascale_test_results/case_1/deployment.yaml) and [controllers/testdata/instascale_test_results/case_2/deployment.yaml](https://github.com/project-codeflare/codeflare-operator/blob/main/controllers/testdata/instascale_test_results/case_2/deployment.yaml)
+4. Verify that opened pull request to [OpenShift community operators repository](https://github.com/redhat-openshift-ecosystem/community-operators-prod) has proper content.
 
-5. Create a release in CodeFlare operator repository, release notes should include new support matrix.
+5. Once PR is merged, update component stable tags to point at the latest image release.
 
-6. Open a pull request to OpenShift community operators repository with latest bundle using make command, check that the created PR has proper content.
-```
-make openshift-community-operator-release
-```
+6. Announce the new release in slack and mail lists, if any.
 
-7. Once merged, update component stable tags to point at the latest image release.
-
-8. Announce the new release in slack and mail lists, if any.
-
-9. Update the Distributed Workloads component in ODH (also copy/update the compatibility matrix).
+7. Update the Distributed Workloads component in ODH (also copy/update the compatibility matrix).