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.
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.
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.
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.
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.
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.
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.
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:
Contact Banyan Technology today to learn more about our new features that will help you build a more efficient supply chain.