Chase Plastics is a stocking distributor with a portfolio that offers more than 20,000 varieties of specialty, engineering and commodity thermoplastics from industry-leading manufacturers and global suppliers.
The company leverages Banyan Technology’s live carrier connectivity platform, Live Connections, to efficiently rate less-than-truckload (LTL) shipments.
“As a distributor, managing freight cost is crucial to our business” says Scott Waite, logistics manager for Chase Plastics. “Our customers come to us because of our ability to effectively manage the supply chain costs so that we can offer them the most competitive pricing. Banyan’s Live Lane Specials™ gives us a great tool to help us achieve that objective. It has really made a difference in keeping us competitive.”
Leveraging Intelligent Pricing™
Following Banyan’s introduction of Intelligent Pricing™, the industry’s first true dynamic pricing tool, Chase Plastic’s carriers can now instantly offer pricing incentives on top of the company’s contracted discounts on negotiated rates through its API-powered system.
These Live Lane Specials—defined by geography, shipment attributes and even customer behaviors—are automated to appear within Chase Plastics’ system workflow as its staff makes live routing decisions.
“Overall, it’s a fantastic tool and it’s easy to use,” Waite says. “It’s as easy as rating any of our other LTL shipments, and we’ve been able to save on our freight spend through access to Live Lane Specials™.”
The Results
A little more than 3 months since leveraging Intelligent Pricing™ through Banyan’s connectivity platform, Chase Plastics has already saved $6600 on freight through Live Lane Specials™.
“There are lanes that we’ve booked with carriers that would not have originally been the awarded carrier, but they were able to go in and utilize the Intelligent Pricing™ tool to offer a Live Lane Special™ and win more of our business based on the cost incentive,” Waite says. “I would absolutely recommend this tool to anybody and am excited about it enough that I’m pitching it to my carriers. It’s a win-win opportunity for them to lower rates and gain freight on their side, too.”
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