Parcel 101 Video Series: What is Parcel Spend Management?

What is Parcel Spend Management (PSM) and why is it vital for today's parcel shipper? GMT's COO, Mike Lambert, shares details.
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Full transcript: "Parcel spend management, really, if we boiled it down is in terms of how we’ve designed and as a solution, is for the very large complex parcel shipper. What we provide is engaged parcel experts supported by a big data technology solution for analytics and visibility. We like to say we help our customers plan, execute, and monitor the performance of their parcel network through an engaged parcel expert solution. so each of our customers are assigned kind of two main resources, an account manager who helps provide services related to paying the bills to the carriers and ensuring that those are being billed accurately and that the carriers are meeting their service, and then the accounting functions that go along with that payment for our customers, and then when they have a strategic solutions manager, that manager is engaged more around what they’re trying to accomplish with their service and cost goals. what they are charged with doing is partnering with that customer, become that extension of their transportation team, and that starts with helping them understand what are their goals and objectives that they’re trying to achieve? Typically, those are related to the service they’re trying to provide their customers, which typically boils down to how fast do you want to service your customers in terms of a number of days to fulfill an order, and how can I minimize the cost to be able to do that? And a lot of that starts out with modeling to support those goals and objectives. I like to call it decision support modeling, and that’s where we help them build the plan and evaluate alternatives and scenarios that they may implement and trying to understand which would be the best alternative to implement to achieve those goals and objectives."