July 21, 2020 2:15 PM, EDT

Banyan Debuts LTL Freight Pricing App

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Freight pricing data provider Banyan Technology has launched a real-time data connectivity platform called Insights that is designed to help less-than-truckload carriers balance and maximize capacity on their networks, and also provide measurable savings for shippers, the company said.

“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, Banyan’s co-founder and chief innovation officer. “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 that offers discounts on current client contracted rates in order to fill available capacity. The rates, which are often lower than contracted rates, appear directly within transportation management systems.

Banyan Technology

Insights is designed to help LTL carriers balance and maximize capacity on their networks, and also provide measurable savings for shippers. (Banyan Technology)

Using current data to identify empty or partially empty trailers, Banyan said Insights is a real-time replacement to static rate tables and makes it possible for LTL carriers to take advantage of opportunities to balance and maximize capacity on their networks.

“Shippers realize measurable savings over and above their negotiated rates, while carriers can fill capacity,” Healy said. “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.”

Built with API technology, the Banyan platform integrates with various transportation management systems as well as proprietary, custom-built systems. Users can also take advantage of Banyan’s tendering, tracking, document retrieval, invoice and freight bill management capabilities, the company said. — Transport Topics

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