Technology has been a key factor in the growth and strength of the supply chain, with many companies adopting digital solutions to manage their freight more efficiently and effectively. Recent innovations like artificial intelligence (AI) have emerged to improve shipping operations and help Shippers, 3PLs and freight brokers build on their existing technology.
AI unlocks new innovations based on historical patterns and uses automated intelligence to predict responses and forecasts. It changes the way Shippers, 3PLs and freight brokers manage their supply chains by helping build a more efficient solution. The data housed in existing digital platforms is critical to the success of utilizing AI in shipping.
Clean historical data is needed for AI to be effective, which can be extracted from an existing digital solution. Data is the foundation of machine learning (ML) models, and the quality and quantity of the data directly impacts an ML model’s performance and accuracy. Large sets of structured, filtered, clean data enable an ML model to outperform the human brain in making accurate predictions for specialized tasks.
AI technology leverages advanced algorithms and ML capabilities to automate internal tasks. By analyzing data, AI solutions can learn from patterns and make intelligent decisions without human intervention. These systems can be trained to perform a variety of tasks including data entry, document processing, inventory management, while minimizing the risk of errors and improving overall accuracy.
To be effective, AI needs to be used alongside employees or as a supplement to the work they do. A human touch is an important part of AI in training the algorithm to produce accurate results. Technology cannot process emotions or the illogical – but it can process large amounts of data much faster and more accurately than humans. AI can empower employees and help them make better decisions more quickly and eliminate redundant, non-value-added tasks.
Shippers, 3PLs and freight brokers are also leveraging AI to predict rates and adjust pricing strategies based on market activity and business goals. They use historical prices, shipping data, bidding activities and other factors to determine price through reliable, real-time information. This reduces the time to quote a customer, improves accuracy in projecting buy rate and improves the win rate as well as decreases training and onboarding time for new hires, saving significant time and money.
Investing in new technology like AI can help maximize new business opportunities, protect margins and save money. AI uses data to ensure that shipping strategies are connected to market reality, identify tasks for automation and redeploy human capital in creative ways. This allows Shippers, 3PLs and freight brokers to leverage a relationship-focused strategy while the AI solution handles redundant tasks.
Banyan Technology, the leading provider of freight execution software for real-time rating and execution of all over-the-road (OTR) shipments, recently launched several innovative new features in our LIVE Connect® shipping software to help Shippers, 3PLs and freight brokers build a more efficient supply chain.
One of our new solutions utilizes AI to predict Truckload pricing. Banyan’s Truckload AI by Greenscreens.ai functionality allows 3PLs to respond to customers’ Truckload freight requests more quickly and with more accuracy than ever before through the power of predictive pricing.
Other new features include: