While I completely agree that co-location can lead to a better collaboration, if not serendipity, in a global world with scarcity in best-in-class talent, organizations should retune themselves to have a distributed workplace. A well-designed distributed workplace enabled by the right technology can make a virtual playground for innovation, if not for highly productive work. - Madhavan Satagopan, Altimetrik Corp
Virtual team is an emerging new-age trend with followers across business sectors. Just like any other new trend, virtual team also has to undergo strict scrutiny of researchers to weigh its advantages and disadvantages before being accepted by the professionals. The advantages and disadvantages of virtual teams can be looked upon from three levels - individual, organizational and societal as a whole. This article summarizes different perspectives on the advantages and disadvantages of the virtual team and serves as ready reference guide to our readers.
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Return on investment is the very close cousin of cost-benefit, but in this case, I will apply it in a strictly financial sense, and use my real-life work as an example. My personal assistant, whose name is Eric, does a lot of research, logistics, and planning for me as a journalist. Because he expands my efficiency, I’m free to take on more assignments and make more money. I would estimate that for the $50 investment I make for each week I hire him out, I make twice as much money minimum because of his help. So if I pocket $100 I wouldn’t otherwise make, and pay him $50, the return on investment is $50. Makes sense? (By the way, that’s during a slow week. Sometimes the return on investment is two or three times as much.)
Having a virtual office can cause employees to miss out on the social advantage of being in an office. Virtual employees can suffer from the "out of sight, out of mind" effect, in which they could be passed on for promotions or opportunities because they weren't in the office for management to consider them. They also can miss out on networking opportunities which could lead to other options in the company. 
They’re more work to manage and have a time overhead compared to someone at the office is a big part. It’s also easy to forget and ignore remote workers and it can be harder to evaluate their productivity. A culture that has a mix of remote and non-remote has the remotes pretty isolated as the normal way of communicating things has them left out. (source)

A collaboration and community platform. Virtual workers need a virtual office — a place where they can meet online and hold conversations. It’s easy for virtual workers to become isolated, so a central hub to communicate with colleagues is a benefit. Skype, Slap, HipChat, and Pie are all popular choices. The best collaboration and community platforms connect employees, give them a place to chat and discuss projects, leave feedback and suggestions, and more.
I doubt many companies like or prefer that employees work from home. We allow the policy in order to be able to attract employees who would otherwise go elsewhere. We are heavy users of Slack, Confluence and other collaboration tools that make working at home more productive, but they cannot replace the serendipitous interactions that occur while hanging out by the nitro-coffee keg. - Manuel Vellon, Level 11

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