The financial crisis has created much havoc, but it has also forced people to rethink the fundamentals about a number of things. One notion that we are hearing with increasing frequency and emphasis is that America must return to its core competency in making things, that true wealth creation comes when something tangible is produced.

So-called financial engineering, often aided by super-sophisticated computer programs that executives of Wall Street institutions did not fully understand, corrupted the financial markets and led to the loss of confidence that is roiling the economy. The widespread financial engineering produced a great deal of wealth on paper, but much of this turned out to be illusory.

Now, the talk is of returning to the fundamentals of what builds a real and lasting economy, and that's good news for manufacturing. While we must be careful that this thinking does not result in xenophobia or a denial of the globalization of the industry, the shift is useful for what it can do to bring attention to ways to improve manufacturing, its image, and its role in the economy.

It can also help expose many things that are happening in manufacturing that the general public and many of our policy-makers in Washington do not usually see. The fact of the matter is — and it is a great irony not lost on manufacturing people in the know — that many U.S. manufacturers returned to the fundamentals a long time ago. They have been reinventing their business models, rethinking and improving business processes from sales to service, and using advanced technologies to become more competitive.

This magazine's Progressive Manufacturing Awards, now in its fifth year and due to be announced at our conference in June, provide an object lesson in the transformational activities under way. While I can't reveal the award winners in this issue, I will share a few examples of what I'm talking about. Consider these accomplishments:

• A greeting card and gift manufacturer increased its sales 44% by implementing an automated replenishment process and system across multiple customer sites.

• A semiconductor equipment maker reduced cycle times 60% by integrating its design, manufacturing, and services operations.

• A glassmaker made major strides in reducing scrap and labor costs and improving machine utilization with WiFi and Active RFID technologies as part of an initiative to track the movement of glass carriers serving multiple manufacturing sites.