Collaboration is fundamental when trying to move an industry in a different direction and enact sustainable change. This requires that all players in the industry work together to facilitate that change, even those who compete within the market. The top players in the logistics and the supply chain industry are working together during this critical time to develop the right knowledge base. As a member of the Digital LTL Council, Banyan Technology is committed to help foster those partnerships to elevate the industry through automation, standardization, and digitalization.
Established in late 2020, the council is comprised of less-than-truckload (LTL) transportation providers, logistics service providers, shippers, technology providers, and organizations. It is focused on creating standards for the LTL industry that address its critical needs during this tumultuous time.
Recently, the council released standardized electronic BOL (eBOL) attributes to replace paper bills of lading (BOL). The COVID-19 pandemic highlighted the discrepancies within the manual method of filling out BOL forms when face-to-face transactions became limited due to potential spread of the virus. The industry responded with digital alternatives, all of which are unique and needed to be standardized to make sense for the entire industry.
Standardization is important in streamlining logistics and the supply chain. The eBOL digital alternative allows the industry to automate processes and creates consistency because it provides structured methods and reliable data across all areas of the industry. According to the council, the LTL industry continues to handle more than 85% of shipments with paper-based processes on both the shipper and the carrier side.
This digital alternative to manual BOL forms is a step in the right direction for the shipping industry. Customers expect the efficiencies and ease-of-use digitalization has afforded them in other industries, so it makes sense to provide that same level of service in the supply chain. While digitalization isn’t new to the shipping industry, many have been slow to adopt new technology. The council is geared toward providing best practices for implementing technology to automate day-to-day processes, ultimately providing cost-savings and efficiencies within the supply chain. Implementing new technology also provides more visibility and mitigates human error within the LTL shipping process.
As the leader in API connectivity, Banyan Technology joined the Digital LTL Council to share our expertise in the digital space. Our LIVE Connect™ platform connects to the carriers that move more than 95% of LTL freight. Banyan’s unparalleled access to carrier data enables commercial shippers, brokers and 3PLs to boost efficiency, improve visibility, and deliver permanent reductions in shipping costs.
Contact Banyan Technology today to learn more about our easily integrated LTL freight pricing API technology.