Banyan Technology releases dynamic pricing tool for freight
Product known as Intelligent Pricing is aimed at Less-Than-Truckload (LTL) freight
Transportation management software company Banyan Technology Inc. has unveiled the launch of Intelligent Pricing, a dynamic pricing tool hosted on its Live Connections platform.
Intelligent Pricing allows carriers to instantly offer pricing incentives on top of the discounts that are already contracted to shippers or 3PLs through an API-powered dispatch system—taking into account geography, shipment attributes, clients and customer behavior. These adjustments are then automated to appear as Live Lane Specials directly within shippers' transportation management system (TMS) workflow as they're making live routing decisions.
"It's rare to find a situation in business where there is a true win for all parties involved, so Banyan is excited to bring the industry's first true dynamic pricing tool to market with the launch of Intelligent Pricing," says Lance Healy, Banyan's Chief Innovation Officer. "Unlocking solutions to benefit both carriers and shippers, we've completed successful beta testing of this tool with most of the top 15 LTL carriers and are ready to extend its benefits market wide."
"This is the next evolution for Banyan's Live Connections platform—and really, for the industry at large," says Banyan CEO Brian Smith. "Through our premier data hub, carriers can create baseline pricing that best suits their network—and then use the Intelligent Pricing tool to maximize their efficiencies with the agility and speed of today's market. Ultimately, we believe this ability will drive open dialogs and more comprehensive interactions between carriers and their shippers."
Banyan claims significant ROI has already been realized through its beta testing phase. Smith says that a participating national LTL carrier secured $1.5 million in new freight in a little more than 30 days. On that carrier alone, Banyan's clients have received more than 7.15% savings on top of their negotiated discounts.