1. A method for deduplication and grouping similar supplier names from a plurality of supplier names, comprising: correcting syntactical errors in said supplier names; grouping the supplier names after said step of correcting syntactical errors; capturing abbreviations of the supplier names; correcting ordering, pronunciation and stemming errors in the supplier names; calculating a name matching score between two of said supplier names using a matching algorithm, comprising the steps of: grouping supplier names based on the first set of characters in the supplier names; calculating a word matching score between corresponding words in two of said supplier names, comprising: determining stems of said corresponding words; determining sound codes of said determined stems using a modified metaphone algorithm; determining a Levenshtein distance between said sound codes; calculating a prefix score using said stems and calculating a sound score using said sound codes; calculating a Levenshtein distance score using said determined Levenshtein distance and length of larger of said corresponding words: selecting one of said prefix score, said sound score and said Levenshtein distance score as said word matching score based on comparisons with a set threshold; calculating said name matching score between two of said supplier names based on said word matching score; and comparing said name matching score with a threshold value to determine a match, and grouping said supplier names based on said match.