How to Increase Profits with NetSuite ERP
Known for its robust functionality, Oracle NetSuite ERP for manufacturing is a complete solution for organizations within the industry. Its scalability, flexibility, and cost-effectiveness help manufacturers grow revenue, control costs, update products, and improve customer service.
Thanks to NetSuite’s comprehensive Software-as-a-Service (SaaS) platform, all necessary operational tasks are integrated into one core software, leaving manufacturing companies with automated programs to take care of backend burdens.
Which means one thing: manufacturers can focus all their efforts on increasing profits.
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Don’t Skip Step One
When it comes to increasing profits, first things first. The first step to profitability requires a 360-degree view of your business.
- Who are your most profitable customers?
- How are your employees performing?
- How are you competing in the current market?
Asking questions about company operations, customers, employees, products, and competitors can help you define what’s working versus what needs to be improved. It will also help you pinpoint what parts of your business are struggling, which more often than not is what ends up costing you the most.
For example, perhaps your current software systems aren’t properly integrated, leading to contrasting databases and in turn inaccurate data about your operations.
Or maybe there are delays in shipping because certain products are taking longer than expected due to the supply chain. An issue that can decrease profitability.
Once you’ve recognized your setbacks, you can move forward with a solution.
ERP manufacturing software, like NetSuite, offer a unified system for financial reporting, ecommerce, manufacturing, customer relationship management (CRM), and inventory management. You can finally say goodbye to broken supply chains and inconsistent communications.
Your front-end and back-end are fully integrated, meaning you now have full control over supply delays, shipping contracts, and vendor relationships.
NetSuite for manufacturing ensures that companies have real-time visibility into operations to gain deeper insight into what is happening. This ensures that businesses can rapidly make critical decisions based on accurate information and data.
Take Down Operational Barriers
Operational inefficiencies can occur quickly and unexpectedly with disconnected systems. These issues bottleneck employees and productivity declines rapidly.
Organizations without modern IT systems task internal teams with manually entering vast amounts of data into the accounting and invoicing systems to transfer over into CRM systems to fulfill orders.
Employees not only spend hours handling data and potential errors, but if an issue arises - like a cancellation - they must then go back and filter through all the data to reconcile the information.
This completely defeats the purpose of profitability as employees who should be putting their efforts to more pertinent assignments are stuck with an unnecessary labor-intensive workload.
To add insult to injury, this leads to high employee turnover.
Speaking of employee turnover, outdated software will also very likely lead to high customer churn. Customer satisfaction is the pillar in profitability and when account managers can’t resolve client problems in a timely manner due to complex processes, they’ll quickly move to your competition.
Manufacturing ERPs certify a seamless customer experience, where employees have constant access to real-time updates and information on customers. This allows employees to stay on top of any issues and provide smooth procedures when it comes to resolving problems.
Additionally, NetSuite ERP increases operational efficiency and elevates manual tasks done by your team, allowing them to focus all their efforts on assignments that enforce profitability. Not to mention, happier employees.
Upsell to Clients
Did you know that it costs more to attract new customers than it does to keep existing ones? While an obvious statement to some, it’s not as easy as you think.
Through clear communication and personalized narrative, account managers should constantly be cross-selling and upselling to increase your bottom line. Unfortunately, without the proper system in place, relationships between clients and managers will degrade since there’s no proper reports on client needs.
How can an account manager upsell new services and products to a client if they, themselves, don’t even know what their current requirements even are?
Within the manufacturing industry, Oracle Netsuite ERP maximizes customer communication by establishing strong relationships between client and manager through software integrations and notifications.
In an era where time is limited, account managers don’t have time to dig through information on each client, with NetSuite all the client information is available at the snap of a finger.
This ensures that account managers tease new products and services to clients.
For example, thanks to NetSuite’s CRM, a furniture manufacturer specializing in summer rentals will be able to send out campaigns before the summer to entice customers. If they’re selling to retailers, they can ensure their marketing teams are launching campaigns and talking with them to get them to purchase ahead of time.
Keeping up appearances with current customers is in itself a solid investment for profitability.
Implement Omnichannel Strategies
Without sounding contradictory, upselling to clients is crucial, but it’s not always enough. You still need to grow your customer base.
This involves a strategic multi-channel approach to develop a positive user experience across different platforms.
And without a solid ERP as your foundation, it would be near impossible to launch new products and services across different platforms. It would require a ton of manual labor to ensure smooth processes from start to finish. Just imagine, if you’re not in control of your integrations, you could easily miss orders taken outside of a typical website channel.
Not to mention, managing the supply chain and inventory that is being shipped, outsourced, and distributed all over.
Therefore, to increase revenue and profitability, automation tools are required to facilitate the entry into new markets and streamline expansion.
NetSuite ERP software assists in integrating your omnichannel presence with marketplace reconciliation. You’ll have access to real-time and accurate data about what is happening across all your channels.
The moment you have a new order, the information will be available and your team can start the process from creation to delivery.
Be Creative and Take Risks
Top ERP systems for manufacturing companies are among the most useful for manufacturers looking to improve operational performance.
By taking the time today to update your backend, you feel at ease knowing your business can scale and grow profits without fuss.
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