Rob Cross argues that physical distance affects the effectiveness of networks. However, the problem of physical distance can be solved by the virtual collaboration tools.
I don't know much about and have much experience of such tools, so I don't know the quality of them. However, if their quality is same level as what we experienced in virtual class, I think they are good enough to use. Even if there is a distance between each attendant of meeting, since they can talk or see each other and share documents online, its almost same as facing each other.
But for effective virtual collaboration, both being able to talk or see each other and to share documents are necessary. I think only document sharing is not enough. Only using Google Docs without any tools to communicate can result in chaos because many users can modify a same part at the same time. They need the tools to communicate and tell something like "Hey, I will modify this part, so wait just a few minutes."
If companies have these tools and they have enough quality, what you need is to fully utilize them. Like Robert D. Hof mentioned, it takes time to get used to these tools. If only those who are familiar with technology can use these tools, virtual collaboration will decrease its value because the diversity of opinion will not exist in such situation. Therefore, they must be simple and easy.