Banyan Technology, the leading provider of freight management software for real-time rating and execution of all over-the-road (OTR) shipments, has been selected as the winner of the “Digital Freight Audit Solution of the Year” award in the 2023 SupplyTech Breakthrough Awards program.

SupplyTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout technology companies, products, and services in the supply chain technology and logistics industry, recognized Banyan’s patented LIVE Connect™ software for its Freight Bill Management tool.

“It’s an honor to have our LIVE Connect software named the ‘Digital Freight Audit Solution of the Year’. The Freight Bill Management tool was developed through collaboration with our clients and is designed to ensure they never overpay for shipping again,” said Brian Smith, CEO of Banyan Technology. “I’m proud of what our Team has accomplished in delivering innovative, new solutions our clients need to enhance our dynamic platform.”

Due to their complexity and high incidence of mistakes, inaccurate freight bills are much more common than many realize and can result in significant losses. About 1 in 4 freight bills contain an error, causing companies to overpay by an average of up to 13% annually. In a $1.06 trillion OTR shipping market, that is equal to almost $138 billion in overpayments every year.

Banyan’s Freight Bill Management tool automates the freight charge validation process by providing a single, easy-to-use interface for its clients’ freight bills. It offers a side-by-side comparison of booked vs. billed shipments and helps to quickly find and rectify variations and duplicate bills, identify errors, and create better shipping processes. Users are then able to export their findings into virtually any accounting system.

“The Freight Bill Management tool is the most widely used feature of our LIVE Connect software,” said Teresa Waldron, Director of Client Experience at Banyan. “Clients were constantly struggling with allocating the time needed to validate their own freight bills with other priorities in the business. The tool allows them to address both priorities without adding extra bandwidth.”