An e-marketplace formed by Japan’s leading utility companies has gone live with a prediction to that $3 billion of goods or services will be transacted through it within five years of operation. The core technology platform known as MarketSet was developed by US e-commerce specialists SAPMarkets, Inc and Commerce One, Inc.

The new e-marketplace enables utility companies to buy and sell machine parts and materials as well as office supplies online. It is claimed that suppliers will enjoy seamless interfaces with buyers, exposure to new markets and more standardized processes. Buyers will gain access to new suppliers and benefit from a streamlined supply chain process and lower operating costs.

The equity investors of the utilities e-marketplace are Tokyo Electric Power Co., The Kansai Electric Power Co., Inc., Chubu Electric Power., Inc., Mitsubishi Corporation, Mitsui & Co., Ltd., Toshiba Corporation, Hitachi, Ltd., Nihon Unisys, Ltd., Mitsubishi Heavy Industries, Ltd., Tohoku Electric Power Co., Inc., Hokuriku Electric Power Co., The Chugoku Electric Power Co., Inc., Mitsubishi Electric Corporation, Shikoku Electric Power Co., Inc., Kyushu Electric Power Co., Inc., The Okinawa Electric Power Co., Inc.

“To win in this era of accelerating competition, companies need to focus on cost reduction and the rationalization of the procurement process,” said Harunobu Matsusaka, president and CEO, Japan e-Market. “MarketSet will provide an environment in which our customers can more effectively collaborate with suppliers and manage inventories, while driving costs out of the procurement process.”

“Japan e-Market exemplifies how Japanese businesses are recognizing the impact e-marketplaces can have on helping participants remain competitive, reduce costs and better serve their customers,” said Zia Yusuf, managing director of SAPMarkets Asia Pacific. “The MarketSet solution enables companies to expand their business reach, while at the same time streamlining their operations with proven business processes. This brings tremendous value to our customers.”