How to Leverage AI in Your Shipping Strategy | Episode 26

Have you infused your over-the-road (OTR) shipping strategy with the power of predictive freight pricing? Accurately anticipating demand, supply and various other market dynamics is essential to helping logistics professionals set the right pricing strategies and ensure budgetary control and effective strategic planning.

In episode 26 of Banyan Technology’s Tire Tracks® podcast, Matthew Silver, Vice President of Strategic Partnerships for, shares valuable insights on how AI is impacting the ability to effectively forecast freight shipping rates by examining historical data on key variables like modes, lanes and timeframes.

“Data is fluid, it’s not absolute so these models are going to change over time based on all the factors of the industry. If we predicted on Tuesday, you move it on Wednesday, certainly that’s going to change something even throughout the time of day as capacity, enters and exits the market,” said Silver. “We learned from it and continue to make changes to redeploy the models. Our goal is to get all the customers’ [results] as specific as possible in the predictions and we continuously test new datasets as well.”

Shipping Strategy Episode Key Points

  • Background about and the company’s mission.
  • Short-term predictive capabilities of
  • The different services and rates the company has to offer.
  • Why they custom-build a machine learning model for every customer.
  • The variance between predicted rates and booked rates.
  • How equipment type plays into predictive models.
  • How ensures quality data usage.
  • How trains and refines its AI models.
  • Current shipping industry trends and how the landscape will evolve.
  • The Banyan Technology and collaboration.
  • Final takeaways and words of advice for listeners.

Featured Episode Quotes

“Going a step further for pricing, we build out a machine learning model specific to each and every customer.” — Matthew Silver [0:02:54]

“Data is fluid. It is not absolute. So [our] models will change over time based on all the factors of the industry.” — Matthew Silver [0:05:49]

“Our goal is to get all customers as specific as possible in the [rate] predictions. And we continually test new data sets as well.” — Matthew Silver [0:06:12]

To learn more about how AI is impacting freight pricing forecasting and OTR shipping strategy, click above to view Tire Tracks Episode 26.

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