Overview: Virtual team is the new reality of 21st century workplace. Owing to the increasing competition in the marketplace, decentralization and globalization of work processes and advances in information and communication technologies, companies, to remain competitive, require flexibility and agility in their delivery of products and services.
Virtual teams play a key role to meet these demands.Also, these companies are adopting the virtual team approach to reduce their operating costs, encourage knowledge sharing among their employees to promote organizational learning and expand their business hours to 24/7. Unfortunately, having solid business reasons for implementing a virtual strategy does not mean that strategy is always going to be executed well. The problem is that too many companies treat their virtual teams the same way they treat teams that share the same physical locations.
In other words, virtual teams may be increasingly popular but they're not necessarily successful.