An integrated model, created to guide project managers, is outlined for the implementation and management of virtual teams. This model is developed by means of an exploratory literature review and an empirical investigation of virtual team utilization in a multinational medical device manufacturer, which examines several factors critical to their success. A TOWS matrix is used to structure the results of the analysis and to identify future virtual team strategies for the organization. The study demonstrates that a structured approach is essential to ensure that the benefits resulting from virtual teamwork are maximized.