In the past, Managed Services could mean many things. It could be a company that comes to your business and installs that fancy new printer or it simply setting up a new computer. About 2-3 years ago Managed Services evolved into companies that gather other companies' services, repackage them and then offer them to customers as Managed Services.
The problem with this version of Managed Services is they can get expensive quickly with new gear and constant project work and the reality is your Managed Service provider might still need to go to others to support you.
The newest trend in fully Managed Service is where the provider in many ways owns and manages your network for you. The provider comes in and understands your network, builds a customer solution, and then brings that network to you and owns and manages it 24/7. The biggest advantage to this approach is your provider as expertise in all of the aspects of what they are delivering and give you access to not only the gear that matches your needs but fully manages and owns it if any issues occur you have one place to manage those issues in real-time.
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