Category: Freight Digitization

4 Simple Ways to Utilize Data to Improve Shipping Operations

Posted on | by Banyan Technology
A group over-the-road freight trucks driving together with a tech overlay

Data visibility and transparency are a hot topic in the transportation industry these days and for good reason. From rating and booking, to dispatching, tracking, and invoicing, there are thousands of data points in the lifecycle of a shipment. While most Shippers and 3PLs know the data is out there and want to use it, many lack the resources or knowledge to put it to good use.

That’s why having a Transportation Management System (TMS) with seamless connections to your carriers, load boards, and other solutions in your tech stack is critical. A TMS creates a single source of truth for your shipping operations and enables you to harness the power of your shipment and carrier data.

So, while that all sounds great, some might wonder, what can you do with all that data?

To answer that question, here are 4 simple ways real-life Shippers and 3PLs are using data in their operations.

Opportunities for Freight Technology in Any Economy: Embracing AI

Posted on | by Banyan Technology
A freight truck driving through a city landscape with a shipment

If the first five months of 2023 showed the freight industry anything, it was that freight technology companies without a strong foothold in their niche will be facing some tough decisions for the second half of 2023. Some industry tech companies have turned to a reduction of their workforce, while others have sunset their tech solutions altogether. According to FreightWaves, falling truckload costs and decreased demand for goods are some of the reasons behind these companies having to make some tough decisions as 2023 turns the corner towards the end of the year.

The Predicted Power Shift to Shippers and 3PLs

Posted on | by Banyan Technology
An over-the-road freight truck making a delivery in a big city

Recently, the Transportation Intermediaries Association (TIA) released the 2023 Freight Outlook a Delicate Balancing Act for Shippers, 3PLs, Carriers outlining the path ahead. The annual report addresses expectations for the freight market in 2023 with technology being the biggest trend for moving the industry forward despite a weakened economy and lingering effects of an unstable supply chain.

How OTR Multi-Mode Management Addresses Your Shipping Needs in 2023

Posted on | by Banyan Technology
How OTR Multi-Mode Management Addresses Your Shipping Needs in 2023

Due to fluctuating shipping costs and the uncertainty of the freight trajectory, Shippers and 3PLs need a reliable technology solution with access to the best shipping rates for all over-the-road (OTR) modes to make the right shipping decision for every load. Finding the right partnerships to increase options will help save time and money while attracting new business.

Reflect, Reset and Reassess: Analyzing Your Digital Shipping Strategy

Posted on | by Banyan Technology
Transportation management professionals reviewing their digital shipping strategy

The unpredictability and uncertainty of the past few years has forced many industries to reassess their business strategies quickly to adapt to the changing world. Many supply chain businesses have had to accelerate their adoption of technology, fast-forwarding their long-term plans to either implement or update their digital approach.

Accelerating the Adoption of Technology as the Tool of Today’s Freight Standard

Posted on | by Banyan Technology
Overhead view of a busy highway filled with OTR freight

Historically, some over-the-road (OTR) shipping modes have been slow to adopt API connectivity as a way Shippers and 3PLs can book freight. However, the events of the past few years have forced many businesses to embrace technology and, in some cases, even accelerate the adoption of technology in the OTR shipping space.

Digital Solutions Provide Valuable Analytics to Combat Rising Shipping Costs

Posted on | by Banyan Technology
Shipping technology concept

Shippers and 3PLs continue to pay more in carrier rates and fuel costs for trucking and transportation services, despite a marked drop in truckload spot rates, according to the Journal of Commerce. Reporting on the U.S. producer price indexes (PPI) for trucking in May from the U.S. Bureau of Labor Statistics, Shippers and 3PLs saw month-to-month increases, with the long-distance truckload PPI rising 4.1 percent and the long-distance less-than-truckload (LTL) PPI increasing 3.8 percent from April.

How Load Consolidation Takes Your LTL Shipping to Another Level

Posted on | by Banyan Technology
How Load Consolidation Takes Your LTL Shipping to Another Level

Shippers and 3PLs know the advantages of using less-than-truckload (LTL) shipping – cost effectiveness, more delivery options, the ability to ship smaller loads without needing to fill an entire truckload, etc. However, when carrier capacity tightens, quicker shipping options are in higher demand, or the supply chain experiences disruptions, it can be difficult to get the LTL pickups and deliveries you need when you need them. To ensure your LTL shipments are getting to their final destinations without delays or breaking your budget, you have another option – LTL load consolidation.

Technology Can Strengthen the Weak Links in the Supply Chain

Posted on | by Banyan Technology
Technology Can Strengthen the Weak Links in the Supply Chain

The top tier of shippers, 3PLs and carriers that move about 95% of LTL freight have advanced technology solutions that include automation and information-sharing capabilities. These leading companies have a competitive advantage and can share data easily, whereas smaller companies with limited technology capabilities have more difficulty with end-to-end automation.