As they do every year at this time, manufacturers are engaged in strategic planning for the new year. But, aside from the timing, it’s hardly business as usual. 2020 was a year unlike any other, and many go-to strategies no longer apply. As a result, industry leaders are carefully planning how to best navigate the changing business landscape to ensure a successful 2021.

If you haven’t already put a machine monitoring system in place, you’re undoubtedly thinking about it. As the saying goes, if you’re not making chips, you’re not making money—and according to an Amper survey, machine utilization in factories averages just 26%. There’s plenty of room for improvement—but only when you know where to focus your efforts.

Doing more with less—that’s exactly what many manufacturers are focused on now, and with good reason. According to NAM’s third-quarter 2020 Outlook Survey, nearly 83% of manufacturers have taken a financial hit as a result of COVID-19. In fact, 62% don’t expect revenues to fully rebound until 2021 or later. In the meantime, manufacturers need to make the most of every resource they have—and that includes their workforce.