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Service Management is a customer-focused approach to delivering information technology. Service Management focuses on providing value to the customer and also on the customer relationship.

A managed service provider is a company that handles your IT needs remotely with significantly less cost than employing an in-house team. ... An MSP plan takes the experience, technology, and training of expert IT management teams and makes it available to businesses of all sizes.

While outsourced IT acts as a deployment tool, managed services are a management tool. Instead of receiving services as needed, you establish an ongoing relationship with your managed services provider (MSP). They will integrate with your existing team, offering advice, assistance, and consultations along the way.

There are 5 stages of ITIL lifecycle: Service Strategy, Service Design, Service Transition, Service Operation and Continual Service Improvement. These stages are interlinked and are briefly covered in the Free ITIL Foundation Overview course. They form the perfect ITIL Service Management plan.