Yesterday I had a pre-webcast call with the resources that will be featured on our Webcast on Tariffs. When our resources shared how the tariffs could impact cash flows and inventory strategies, it raised two interesting questions: Are shipper supply chains more exposed then they realize? If so, are companies prepared for the changes they will have to make to protect their supply chains?
After hearing from folks who have contacted us after watching or read our recent Two Minute Warnings, it’s obvious there’s a lot of confusion and uncertainty around this topic. The two most asked questions have been: When will they become effective? And how much will they actually be?
Tomorrow, April 3, we’re hosting a webinar all about tariffs with our friends from the National Industrial Transportation League, CSCMP, and the Global Shippers Forum. We encourage you to register for the webinar is you haven't already and invite anyone else who could benefit.
We have great resources such as Karyn Booth, who heads up the transportation practice at Thompson Hine. She’s going to be joined by one of her fellow partners, Dan Ujczo. We also have a shipper, Holly Pearce, who works for Otis Elevator sharing how they’re managing through this time.
In light of the questions we have received, one of the things that we will focus on is this: “With tariffs imminent, what’s your plan?”
Now as you think through what that plan should really look like, here are a couple of components that shippers will need for building a quality tariff protection plan:
First, these shippers have good data that helps them identify the items/issues that could be affected by the tariffs.
Second they have and use good tools and technology to assess the effectiveness of the processes and strategies they are changing in response to the tariff situation. Here at TranzAct, tools such as our Constellation TMS and our data analytics platform, Telescope, help customers understand their options and alternatives.
The third and final thing they have is the ability to call in the experts when needed. After talking with our resources yesterday, it was very obvious that there are a bunch of “moving parts” on the tariff horizon. That is why support from qualified outside parties can be so important in navigating these turbulent waters. Understanding tariff impacts and options could be tough to tackle if you’re unfamiliar with this area. That’s also why we this webcast is critically important for shippers who are looking for practical ideas that can help them put together their own Tariff Protection Plan.
Now if you want to say “Mike, we’re just going to wing it and play it by ear” you know the adage: if you don’t have a plan, you’re planning to fail. For many companies it will be critical to understand the actual financial impact that these tariffs could have in different ways – not just the tariffs themselves, but how they affect your inventory structure, the cost to carry that inventory, your cash flow and other items. If you want to talk about it, and get a head start even before tomorrow’s webcast, you know what to do. Simply give us a call, send me an email, or let's meet one-on-one via Calendly.
BY MIKE REGAN, CO-FOUNDER OF TRANZACT
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