If B2B is to succeed, the players will have to create online marketplaces that let people share information, collaborate, and eventually make or save (depending on the case) money in transactions.

Discussing the various types of portals - both vertical and horizontal - Mr Jagadish said both have a place of its own. While the former provides concentrated information, the latter offers a wider view.

Marketplace is the opposite of the integrated enterprise. Marketplaces provide a meeting point for content, commerce and the community, so that everyone gains, both in terms of access and industry specific information.

The benefits are significant. Buyers can shave off up to 90 per cent of transaction fees. They can find new sellers, get the best deal, and save on many types of purchases including on auctions. For sellers, there is a greater choice of suppliers, and gain in terms lower entry costs and again, lower transaction fees, says Mr Jagadish.

Eventually, simple buying and selling in a B2B environment will be like e-mail, virtually free, predicts Mr Jagadish. Domain expertise and specialisation will be the key factor. Maximum efficiency will be possible with the shortest cycle time and satisfaction ratings with the customers will be the end result.

Multiple revenue sources can be utilised by creating a marketplace beginning from membership fees to ASP hosting, selling content and consulting, he said.