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Banyan Technology adds ‘Insights’ for rapid rate adjustments

July 17, 2020
Actionable data, connectivity helps drive strategic growth for LTL carriers, enables savings for shippers

Banyan Technology, which provides a data connectivity platform delivering real-time freight pricing, recently launched Insights, a data-driven solution that helps LTL carriers balance and maximize capacity on their networks and provide 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. “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, Banyan said. 

“The entire process is a win-win for all participants,” Healy said. “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 platform integrates with a variety of TMS solutions from a range of providers, with proprietary custom-built systems. Users also can take advantage of Banyan’s tendering, tracking, document retrieval, invoice and freight bill management capabilities.

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