CLEVELAND, Ohio – September 29, 2020- 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.”
For more information about Banyan Technology’s Intelligent Pricing suite, visit: https://www.banyantechnology.com/intelligent-pricing/. For more information about Optym and their planning solution HaulPLAN, visit: https://www.optym.com/trucking/haulplan/
About Banyan Technology
Founded in 2001, Banyan Technology is North America’s leading innovator of a SaaS-based logistics data-connectivity platform that enables the matching of supply and demand through real-time transaction optimization, visibility and efficiency in the movement of goods between shippers and carriers. Banyan offers the only patented API hub that can automate lower than negotiated pricing which ultimately drives strategic growth for LTL carriers and saves more than 12% annually for over 50,000 shippers, 3PLs, and freight forwarders. For all supply chain partners, and with any TMS or enterprise management software, Banyan Technology delivers data and execution capabilities that are competitive differentiators. Banyan Technology is revolutionizing the way freight industry companies interact and benefit from market opportunities. For more information about Banyan Technology, visit: www.BanyanTechnology.com.
Founded in 2000, Optym is making the world more efficient – and companies more profitable — through optimization. Optym’s software solutions determine the best decisions for complex optimization problems encountered in different industries, including retail, transportation and automotive. Optym builds mathematical models for solving complex business problems that enumerate and score millions of feasible solutions to find the optimal solution, outperforming both human decision-making and competitive software. Optym’s proprietary solution consists of modeling the movements of entities (planes, trains, trucks, etc.) in time-space networks and developing specialized algorithms that optimize these movements. Optym was founded by Ravi Ahuja, whose textbook on network optimization is used at hundreds of universities worldwide, and who has written more than 100 research papers in optimization, mathematical modeling and algorithms. For more information about Optym, go to www.optym.com.