Banyan Technology, the provider of a breakthrough data connectivity platform that delivers real time freight pricing intelligence, today announced Insights, a data-driven solution used by LTL carriers to balance and maximize capacity on their networks and to provide measurable savings for shippers.
“The combination of Insights and our popular Live Lane Specials now gives LTL carriers the competitive shipment level intelligence they need to make immediate rate adjustments to rates, without the need to make contract changes,” said Lance Healy, co-founder and chief innovation officer at Banyan Technology. “We've been offering Live Lane Specials for over a year but carriers had to guess what price they should offer a shipper on individual lanes. Insights removes that guesswork.”
Live Lane Specials is a Banyan tool used by LTL carriers to offer additional discounts on current client contracted rates in order to rapidly fill available capacity. The often lower than contracted rates appear directly within their transportation management systems. Using current data to identify empty or partially empty trailers, this real time replacement to static, labor-intensive rate tables makes it possible for LTL carriers to take advantage of opportunities to balance and maximize capacity on their networks.
“The entire process is a win-win for all participants,” stated Healy. “Shippers realize measurable savings over and above their negotiated rates, while carriers can fill capacity. In the highly dynamic LTL freight market and especially in our nation’s current unpredictable situation, the combination of these two products is extremely beneficial.”
Using advanced API technology to facilitate enabling data connectivity as part of workflow processes, the Banyan Technology platform integrates with a variety of TMS solutions from a range of providers, and with proprietary custom-built systems. Users can also take advantage of Banyan’s tendering, tracking, document retrieval, invoice and freight bill management capabilities.
