Bamboo Rose Introduces Tariff Impact Tool: Providing Instant Insights into Tariff Changes Across Retail Community
Minimizes the impact of changing tariff costs on global trade management operations
BOSTON – Oct. 30, 2018 – Tariffs are terrorizing the retail community, but Bamboo Rose’s new tariff plug-in provides relief. The platform for multi-enterprise networks has announced it has expanded its global trade management (GTM) offering to include the Tariff Impact Analysis Tool, to help the retail industry instantly understand the impact of tariff threats and changes. The tool, coupled with Bamboo Rose’s supplier recommendation capability, positions users to understand the cost impact of tariff increases and mitigate rising operational costs resulting from costly trade wars and ongoing changes.
Bamboo Rose’s solution will calculate the potential impact of cost fluctuations by country, supplier, order, program and items, from the design stage through manufacturing. The implementation will help retailers and suppliers keep trade operations organized while navigating a volatile GTM market.
“Tariff uncertainty is wreaking havoc on the retail supply chain,” said Sue Welch, CEO at Bamboo Rose. “As a result, retailers think they only have two options: raise the price on the consumer or hope that spikes in tariffs are short-lived. With our tool, organizations don’t have to choose between bad and worse – they can more easily forecast, prepare for and mitigate potential tariff effects before they’re even signed into law.”
The tool also supports tariff engineering to provide at the component and design levels, alternative sourcing and supplier options based on materials used. Bamboo Rose’s system offers a varied approach to sourcing, so retailers can see the cost difference in buying steel versus copper for a lamp, or silk versus cotton for a t-shirt. The plug-in will offer options for insignificant product redesigns that alter the item’s Harmonized Tariff System number to vastly decrease costs. For example, regular, white socks might be charged at a 12.5 percent duty rate, but that rate drops to six percent with small embroidery changes that don’t affect the item’s aesthetic. Bamboo Rose’s tool will recommend similar material options as available, whether for softlines or hardlines.
Bamboo Rose’s what-if costing solution, already used by global retailers, will also be a key feature of the tool to better manage uncertainty associated with an unpredictable retail environment. What-if costing gives companies the ability to accurately simulate situations, compare options, and develop alternative plans.
“It’s not enough to be fast in today’s New Retail Economy,” Welch said. “While speed certainly matters, retailers should focus on creating an agile, efficient supply chain supported by predictive cool tools that can counteract negative impacts before they happen. Our new solution does just that, while helping retail supply chain pros keep costs low and productivity high.”
Bamboo Rose also recently announced platform enhancements to manage materials consumptionacross mills, markets and brands to drive down product costs and improve quality. The plug-in will be generally available to Bamboo Rose customers in October 2018. For more information, please visit our website at www.bamboorose.com.
Bamboo Rose is the leading multi-enterprise product and supply chain platform connecting the retail community to help retailers and suppliers bring great products to market faster, more efficiently and at higher margins.
Our B2B platform simplifies the product creation and delivery process. It combines a digital Marketplace, PLM, Sourcing, PO Management, GTM, and Financing, all supported by intelligent engines for optimization, costing, and scheduling across the platform.
Bamboo Rose serves over 250K user members across 85 major retailers, 400 brands, 35,000 suppliers and service providers as they discover, develop, and deliver products @ digital speed. Learn more at bamboorose.com or find us on Twitter at @GoBambooRose.