3 Ways to Increase Profits Using Oracle Netsuite

In need of a business cash injection? As we come out of the summer months and look ahead to the busy holidays, it's common for business owners to want to ensure their business is braced for impact.

But if you have no new products or services coming out on the horizon, you may be wondering just how to increase profits.

Enter Oracle NetSuite. The #1 Cloud ERP has not only helped businesses optimize how they run but increase profits as well.

In this blog, we’ll share with you 3 ways you can increase your profits using Oracle NetSuite.

Optimize Your Dashboard

If you haven’t properly implemented or optimized your NetSuite dashboard, then your #1 problem right now may not be increasing profits but preventing yourself from losing anymore.

Without a properly setup/implemented NetSuite, you may still be running your business the way you did before you invested in the software. Albeit on a better interface. But without a clear understanding of the inner workings of your business, you won’t be able to understand what needs improvement in order to increase your profits.

So if you never properly implemented the software, then take some time to do so now. Or, if you did implement it correctly, but it's been some time, take a moment to make sure you’re still making the most out of Oracle NetSuite. Are you using the features to your advantage? Do you have apps that you no longer need?

Are your employees using it to their best ability? Your dashboards should give a clear overview for designated users:

• CEO Dashboard so that you have a full and comprehensive understanding of every department's workings

• Purchasing Manager Dashboard so they can manage daily tasks, monitor open POs, reorder with vendors, and any other necessary tasks

• Warehouse Manager Dashboard so they know exactly what is running low or in excess, so they can make informed decisions.

All of these dashboards working together help your business give the customer a seamless experience and you an informed one so that your decisions are always ones made from an informed standpoint. One that can increase your profits!

Offer Different Pricing Options

Another way you can increase your profits is of course, by increasing your revenue. Thankfully, there are many built-in ways that NetSuite is prepared to help you do that.

The main way is by creating different pricing options in order to attain some control over the price of your inventory.

You can do this in NetSuite by:

Changing Your Pricing Levels

Set differing price levels to certain customers (like returning customers) or funnels. For example, if someone clicks on your product from a certain site or platform (like Meta,) they’ll see a price different from that of someone coming straight from your website.

Discount Large Orders

To keep your customers adding items to their cart, you can automate discounts on large orders. Not only does this help increase profits, but it also encourages the customers to unload additional inventory off your plate!

VIP Pricing

Every customer likes to feel like their only customer! By providing VIP pricing, you can give certain discounts to customers who sign up for things. This could be a monthly newsletter, a subscription to your product, or any campaign you’re currently running. Yes, you’re getting reduced revenue upfront, but you’re setting these customers up to become repeat shoppers.

Optimize Marketing Campaigns

One of the final ways you can increase your profits by using Oracle NetSuite is by optimizing your marketing campaign.

Within NetSuite, you’re able to set up nurture campaigns, abandoned cart campaigns, and even repeat campaigns.

However, to take it to another level, you can set up these campaigns to run automatically and re-run them when necessary. This means that you’re never not interacting with your audience, and you’re always priming yourself for a sale.

Additionally, by having these campaigns continually running, your team will better be able to assess what’s registering with your audience and what isn’t so that you can tweak it as necessary!

Make Your Investment Work For You!

Oracle NetSuite isn’t just about helping your business run better, it’s about helping your business attain success easier. So when looking to increase profits, taking time to see how your investment in this transformational software can help you do that will certainly help you in the long run!