If you're an owner-operated manufacturer, it's easy to be distracted by what the big guys are doing and try to mimic their actions; it happens to me too. This story is for those that are intimately connected to their business, work late to make the customer happy, and go home smelling like coolant.
You're a manufacturing leader that wears a lot of hats and has a lot to think about. Don't over think collecting machine data, keep it simple and collect the data that helps you and your team keep those spindles running. That data is uptime.