More and more Shippers and 3PLs are turning to technology to help manage their freight and ensure consistency in their over-the-road (OTR) shipping operations. These leading companies have a competitive advantage and can access data easily to make important, cost-saving business decisions, whereas companies utilizing outdated technology or manual processes have not maximized their shipping potential.
Understanding the Possibilities
An innovative technology solution will help Shippers and 3PLS deploy advanced analytics, powered by real-time intel. Leveraging technology to drive that increase in efficiency requires a solution that is flexible and agile, in addition to providing opportunities to capture your shipment data that is easily accessible through comprehensive reports and analysis. You need a modern technology solution to enable end-to-end shipping optimization.
To help you understand the possibilities of a modern freight technology solution, let’s explore the Top 5 ways a modern, digital solution can help you stay competitive as the supply chain fluctuates and evolves.
- Tracking Carrier Performance
With a comprehensive digital solution, you can view key carrier performance metrics like on-time or late pickups and deliveries in one easy-to-read dashboard so you can determine which carriers to use and which to avoid. Carrier cost metrics can also be captured for average cost per carrier and spend summaries for average fuel, weight, accessorials, and variances.
- Predictive Analytics
Capturing historical shipping data and comparing it to current market trends gives you valuable insight into your OTR shipping optimization possibilities. Having access to real-time data can help you predict changes in the supply chain, identify variances in your shipments, and effectively prepare for future shipments.
- Single Source of Truth
Having one central platform for data capture will help enhance communication among Shippers, 3PLs and Carriers. You will be better equipped to share shipment information along the supply chain and collaborate with all of your partners. This adds efficiency in driving business decisions, while saving you money and ensuring your customers and end-users are satisfied.
- Flexibility
Load consolidation and multi-mode shipping capabilities will benefit Shippers and 3PLs by adding efficiencies into their shipping operations. By implementing a flexible technology solution that can combine your LTL shipments into one Truckload with others moving in the same direction, you can significantly save time and money. A multi-mode platform for OTR can also save you time and give you more visibility into the entire size and scope of your networks and what capacity you require. This simplifies your processes and allows you to allocate human resources for more important business tasks.
- Automation
The only way to successfully manage shipping within the evolving supply chain and mitigate potential disruptions is with automated freight digitization. Shippers, 3PLs and carriers of all sizes must be digitally connected to achieve end-to-end freight digitization and maintain full transparency through the flow of information. When everyone is connected digitally, your bottom line is positively impacted through enhanced productivity, visibility, operational efficiencies, and real savings on your freight spend.
Outdated, stagnant technology could limit you on your path to success in OTR shipping. Investing in new technologies and solutions can help you increase operational efficiency, ensure business continuity, and minimize the impact of market fluctuations in your OTR shipping operations. Shippers and 3PLs need to find the best strategy to control costs, increase visibility and efficiency, and engage a solution that has an extensive carrier network to secure contracts with effective carriers. It’s possible to accomplish all of these goals with a modern technology solution.
The Banyan Guarantee
LIVE Connect™, our industry-leading freight management platform for rating and tendering, provides optimal benefits based on our clients’ unique business needs, not just for LTL shipping, but in Truckload, First/Final Mile, and Parcel shipment modes as well.
During the first year of our partnership, our clients will enjoy savings in excess of our monthly recurring charges if they fully utilize our platform as intended. If they do not, then they can opt out of our agreement after the first year.
Contact Banyan Technology today to learn how you can benefit from the leading modern technology solution for managing shipping in the evolving supply chain.
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