In the B2B buying process, can provide tremendous cost savings for firms because they eliminate periodic negotiations and routine paperwork, and offer the means to form a supply chain that can respond quickly to the buyer's needs.

The correct word for the blank space is: web portals.

Explanation:

A Business-to-Business (B2B) model is one in which usually two businesses deal directly with each other because they are part of the same supply chain. In this business model, intermediate items or components are the most traded items. Documentation is needed to keep track of both parties' sales transactions and inventories.

Using web portals is one method introduced to prevent excessive paperwork in the B2B models. Orders can be sent electronically and invoices can be processed and stored electronically. Also, web portals fasten the delivery and reception of orders, eliminating in-person meetings that drain valuable organizational time.