System and method for spend analysis

A computer-implemented system for spend analysis by providing strategies for mining spend information, comprising:

• a computer, comprising:
• a processor unit;
• and
• a computer readable medium storing instructions executable by the processor unit;
• an input system operably associated with the computer and configured to enter pre-defined parameters selected from the group consisting of information of spend data, category of spend data, information of supplier, payment term, type of contract, contract term, business constraints, and combinations thereof;
• a strategy selection system operably associated with the computer to select a spend analysis strategy from a spend analysis strategy system, configured to analyze classified spend data based on pre-determined savings and compliance strategies;
• a category/supplier display system operably associated with the computer to display categories/suppliers for user-defined spend data that match the default/user-defined business constraints;
• wherein the category/supplier display system is integrated with a classification system, configured to classify spend data based on pre-defined parameters;
• an output system operably associated with the computer and configured to display output for a strategy being selected for a specific parameter;
• a payment term rationalization strategy system operably associated with the computer and configured to identify savings by tracking a difference in payment terms for a commodity of a supplier;
• and
• a supplier payment term compliance strategy system operably associated with the computer and configured to identify compliance with the supplier by comparing different payment terms with each other and suggesting the best day of payment, thereby calculating potential savings for different payment terms.