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In the traditional business world, teams would either be formed in physical locations, or would need to spend time travelling in order to meet in physical locations.
In the modern connected world, it is easier for teams to communicate and network.
It is possible to create virtual teams which never (or rarely) meet in physical locations and use a range of web tools to communicate and collaborate.
Modern tools such as Adobe's ConnectNow allow teams to communicate, share and collaborate in ways which were never ever possible before.

Online word processors such as Buzzword allow teams to collaborate on documents and share information in new ways.