Banyan Technology Launches a Dynamic Pricing Tool for the Freight Industry

By Logistics Tech Outlook | Monday, August 19, 2019

Brian Smith, CEO, Lance Healy, Chief Innovation Officer

The dynamic pricing tool will allow carriers to offer pricing incentives to contracted shippers through API-based dispatch systems.

FREMONT, CA: The domestic freight sector has adamantly stuck to its archaic and outdated approaches for over a decade. However, innovative organizations such as Banyan Technology are driving technology into the freight industry to free it from the shackles of antiquated processes. The premier developer of live carrier and API connectivity for transportation management recently launched Intelligent Pricing, a dynamic pricing tool, through its Live Connections Platform. The robust tool is the first of its kind in the freight industry.

The evolution of Banyan's Live Connections platform will potentially revolutionize the domestic freight sector. Carriers can leverage the premier data hub offered by Banyan to create baseline pricing according to their network, using the intelligent pricing tool to optimize their efficiency and improve their agility. It will not only drive open dialogs but will also facilitate comprehensive interactions between carriers and shippers.

Intelligent Pricing offers pricing agility equivalent to the speed of changes in LTL networks, with carriers dialing in incentives depending on the client’s pricing to opt the freight based on the carrier’s network. Banyan Technology is headquartered in Cleveland, Ohio, with over 2,000 TL, LTL, Local, and Parcel carrier connections, and 34,000 clients. It provides unparalleled access to carrier data for commercial shippers, brokers, and 3PLs, promoting efficiency, visibility, and cost-effectiveness.

The Intelligent Pricing tool will enable carriers to instantly offer pricing incentives along with discounts already contracted to shippers or 3PLs via an API-powered dispatch system, while also accommodating the geography, shipping attributes, and customer behavior. The alterations can be customized into live lane specials within the shipper’s transportation management system (TMS) workflow. Banyan was recognized for its contributions by Logistics Tech Outlook and named one of the “Top 10 Freight Management Solutions Providers – 2017.”

Banyan looks forward to facilitating a win-win situation for all the parties involved with its industry-first true dynamic pricing tool, Intelligent Pricing. It will grant carriers, and shippers access to robust solutions. Banyan has successfully completed beta testing for its tool with most of the top 15 LTL carriers and looks forward to extending its benefits market-wide. 

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