Tariffs: Good, Bad, or Indifferent – They Warrant Your Attention
Does your company keep an inventory? If so, you may be concerned about the potential impact of tariffs on your business. Regardless of politics – and whether you believe that tariffs are a good thing (they’ll stimulate a rebirth of manufacturing within the U.S.), a bad thing (they’ll drive up prices for everyone from manufacturers to consumers), or an unknown thing, the one thing that everyone agrees upon is that tariffs will – at least for the short-term – have an unsettling effect on our economy.
So — consider how tariffs might affect the items you stock:
- Which of your items are purchased from outside the U.S.?
- Which of your imported items are purchased from tariff-eligible countries?
- For your tariff-eligible items, do their tariffs vary, based on the type of item you order?
- Will any of your import suppliers (in tariff-eligible countries) stop shipping to the U.S.?
- Do you have alternate suppliers for tariff-eligible items? And if those suppliers are also in tariff-eligible regions, are their tariffs less, more, or the same as your primary supplier?
The more you think about tariffs, the more complex they become – and, as we’ve already seen, tariffs are a fluid proposition. Today you might see tariffs for countries ‘a, b, and c’, applying to product lines ‘d, e, and f’, with rates of ‘x, y, and z’.
Tomorrow, however . . . that might all change.
And you need to be ready now – with a flexible reporting system that lets you track tariff-related data (such as whether an item is tariff-eligible and at what rate), analyze that data (such as calculating the increased costs of tariff-eligible items), and suggest actions around that data (such as recommending alternate suppliers who offer lower cost items).
DataSelf’s BI-based Reporting IS that System
In minutes – not hours, days, or weeks – DataSelf is ready to accept, analyze, and take action on the tariffs that affect your business. With resulting analyses that complete in under ten seconds, you get money-saving insight, and the agility to adapt your business faster than your competition.
Don’t be left behind – and left wondering – what tariffs will be implemented, where they’ll take effect, and how your business will cope. Start preparing now – with DataSelf Analytics.
If you’d like to learn more about how DataSelf can help you successfully navigate tariffs, contact us today.
