The term "spend management" refers to the act of accumulating, monitoring, analysing, and, ultimately, exercising overall control over an organization's expenses or spending in general. In most cases, it is done with the intention of safeguarding the financial status of the organisation.
Spend analysis is the process of acquiring, categorising, and analysing the data relevant to spending, which is also referred to as expenses. Spending and expenses are two different terms for the same thing. The goal of this exercise is to obtain a better understanding of how and where the company spends its money, as well as to determine whether or not it is spending that money effectively.
