Teleconferencing
From WLCS
Technical Terms: a business meeting, educational session, etc., conducted among participants in different locations via telecommunications equipment. http://dictionary.reference.com/browse/teleconference?qsrc=2888
Layman's Terms: Have a business conference over the telephone.
Examples: A United States business will have a teleconference with a business in Japan because it is cheaper than flying one of the businesses out.