Banyan Technology Partners with Optym to Further Digitize LTL Industry

Banyan Technology enables optimization software provider Optym to further help carriers balance their networks and improve operating efficiencies

Banyan Technology and Optym announced a partnership to provide solutions for LTL carriers to balance their network, maximize capacity utilization, and increase revenue, available as part of Banyan’s Intelligent Pricing suite and Optym’s HaulPlan planning and optimization software. 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.

LTL carrier operations have data on empty lanes or partially full lanes, but turning this information into action is difficult when shipper pricing is based on annual contracts. Maintaining an efficient network requires agility to react to change.     

“Our partnership with Optym is a natural fit because we already share LTL carrier customers,” said Lance Healy, co-founder and chief innovation officer at Banyan Technology. “For LTL carriers, the partnership opens doors to get more out of their networks with near real time agility. This is about moving the entire industry forward by leveraging existing technology with proprietary solutions by both Optym and Banyan to make it accessible.”

Optym and Banyan’s innovative solution will allow LTL carriers’ operations to better integrate directly to shippers. The operations department will be able to anticipate expected capacity on lanes and use that information to push to the revenue management department to analyze, optimize and immediately act on opportunities through Banyan’s Intelligent Pricing Suite. By targeting specific lanes, LTL carriers are able to incentivize and attract the right freight for their network.

“With Banyan, LTL carriers get even more value from our network optimization and planning solution.” said Vic Keller, chief executive officer at Optym.  “Optym’s HaulPLAN automatically identifies capacity and imbalances in freight networks, and lanes that need freight. Our customers can profitably increase freight volumes and revenue using Banyan’s Intelligent Pricing Suite to act on opportunities identified with HaulPLAN.”

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