Can a virtual assistant replace a permanent assistant?

Some people think that it is not possible, because being in the same company for many years gives you the advantage of knowing
The people and relevant stakeholders.
The business and the industry.
The processes and procedures.

In short, you know everything about the company.

Years ago I thought the same. 

Then I talked to my VA colleagues in my network. They explained
How they worked.
What services they provide to their clients.

And it is a completely different story, which I can now fully confirm.

Virtual assistants are hired for several scenarios:

On an interim basis to cover urgent tasks while the permanent assistant is away or until the new hire is on board.
On a project basis with a specific scope and timeframe.
On a long-term basis to help run the business.

You might be thinking: why should companies work with a virtual assistant if they want a long-term relationship?

Because they get the benefits of a permanent employee:
Deep knowledge of the business.
Efficiency and optimisation.
Continuity.
Trust.

And the benefits of a virtual assistant:
No idle time.
Full working time flexibility.
Complete adaptability to business needs.
No costs for holiday pay, social security, taxes, etc.

This is particularly interesting for start-ups and small businesses that cannot afford a full-time, permanent assistant.