How to manage virtual teams?

Today, all the companies have gone global with their employees all around the world. For a company to be successful it is very essential that there is proper coordination b/w the employees working across the globe.

In the past, managers used to collocate team members because of the high levels of interdependencies that are inherent in group work. Recently, though, more and more companies are beginning to organize projects over distance, with teams increasingly consisting of people who are based in dispersed geographical locations, come from different cultural backgrounds, speak different languages and were raised in different countries with different value systems.