Transportation technology provider Banyan Technology Inc. said Tuesday it has partnered with the logistics optimization software provider Optym to provide solutions for less than truckload (LTL) carriers to balance their networks, maximize capacity utilization, and increase revenue.
The joint solution enables LTL carriers to identify lanes that need more volume—such as empty or partially empty lanes—and rapidly fill them at a one-time determined rate. It will be available as part of Banyan’s Intelligent Pricing suite and Florida-based Optym’s HaulPlan planning and optimization software.
According to Banyan, LTL carrier operations already have data on empty lanes or partially full lanes, but can find it difficult to turn that information into action when shipper pricing is based on annual contracts. By targeting specific lanes, LTL carriers are now able to incentivize and attract the right freight for their network. “Our partnership with Optym is a natural fit because we already share LTL carrier customers,” Lance Healy, Banyan’s co-founder and chief innovation officer, said in a release. “For LTL carriers, the partnership opens doors to get more out of their networks with near real time agility.”
The deal follows other recent moves by Banyan to expand its services, such as launching a dynamic pricing tool for carriers in 2019 and partnering with transportation management system (TMS) vendor Pierbridge Inc. the same year in a move to help third party logistics (3PL) companies keep ahead of rising parcel shipping costs and complexity in carrier management.
Editor's note: This story was revised on October 2 because an earlier version incorrectly included information about another company with a similar name.
