Costs and efficiency are critical in over-the-road (OTR) shipping. To unlock significant savings opportunities, Shippers, 3PLs and freight brokers are leveraging the power of shipping lane intelligence. It serves as the cornerstone for reducing freight costs by providing a single source of truth, enabling better carrier decisions, leveraging powerful filtering capabilities, negotiating better rates, streamlining analysis, and facilitating data export for informed decision-making.
A Single Source of Truth for Shipping Lane Performance
Shipping lane intelligence acts as a beacon, offering a single source of truth for lane performance based on unique data. By consolidating historical data, Shippers, 3PLs and brokers can gain unparalleled insights into the performance of different lanes, allowing for informed decision-making and strategic planning.
Better Carrier Decisions in Every Shipping Lane
The wealth of data provided by shipping lane intelligence empowers Shippers, 3PLs and brokers to make better decisions when selecting carriers for each lane. Evaluating carriers based on historical performance metrics enables stakeholders to identify those that consistently meet delivery deadlines, ensuring reliability and reducing the risk of delays.
Utilize Powerful Filtering Capabilities
Shipping lane intelligence goes beyond basic analytics by offering powerful filtering capabilities. Shippers, 3PLs and brokers can dissect data by load volume, costs, and transit times, targeting specific criteria such as city, state, or ZIP code. This granular level of analysis allows for a more detailed understanding of the nuances within each lane, optimizing decision-making.
Negotiate Better Rates with Contracted Carriers
Armed with comprehensive data on lane performance, Shippers, 3PLs and brokers can enter negotiations with contracted carriers from a position of strength. The ability to showcase historical performance metrics enables Shippers, 3PLs and brokers to negotiate more favorable rates with carriers that consistently meet their shipping requirements. This not only improves cost efficiency but also strengthens long-term partnerships.
Streamline Analysis and Save Hours of Research
Shipping lane intelligence streamlines the time-consuming process of lane analysis. Instead of manually sifting through spreadsheets and conducting extensive research, Shippers, 3PLs and brokers can efficiently access and analyze data, saving valuable time and resources. This streamlining of analysis enhances productivity and allows for a more proactive and responsive approach to shipping needs.
Export Data for Informed Decision Making
The flexibility of shipping lane intelligence extends to its ability to export data in various formats such as PDF, PowerPoint, or Excel. Shippers, 3PLs and brokers can leverage this feature to present compelling insights in carrier, customer, and stakeholder meetings. The export functionality enhances transparency, facilitating collaborative decision-making and ensuring that all stakeholders are well-informed.
Embracing shipping lane intelligence, in addition to other business intelligence tools, is critical for gaining significant cost savings on freight. As the freight landscape continues to evolve, those who leverage the power of shipping lane intelligence will navigate the terrain with precision and savings at the forefront of their strategy.
Better Business Intelligence from Banyan Technology
Banyan Technology, the leading provider of freight execution software for real-time rating and execution of all OTR shipments, recently launched several innovative new features in our LIVE Connect® shipping software to help Shippers, 3PLs and freight brokers build a cost-effective supply chain.
Banyan’s Lane Intelligence Tool adds a robust reporting feature that complements the Business Intelligence Dashboards powered by LIVE Connect shipping data. Valuable, historical data offers insight into predicted carrier and lane performance that helps Shippers, 3PLs and brokers make informed decisions on the reliability of their selected Carrier and lanes when scheduling shipments.
Other new features include:
- Carbon Footprint Tracking: The CarbonTRAX™ & Offset feature calculates the carbon impact of every shipment and allows you to select from a variety of vetted climate action projects around the world to offset them.
- Utilizing 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.
- Nearshoring Advantage: With services throughout North America, Banyan’s expanded Mexico coverage streamlines complex cross-border and intra-Mexico shipping for Shippers, 3PLs and brokers and 3PLs.
Contact Banyan Technology today to learn more about our new features that will help you build a more efficient supply chain.