Managed Services refer to the practice of outsourcing certain business functions to a third-party provider, known as a Managed Service Provider (MSP). This approach allows organizations to focus on their core activities while the MSP handles specific tasks, such as IT support, network management, or data backup. By utilizing managed services, companies can benefit from expert knowledge, improved efficiency, and cost savings. The MSP typically offers a subscription-based model, providing ongoing support and maintenance, which helps businesses stay up-to-date with technology and security without the need for extensive in-house resources.