Managed IT services involve outsourcing the management of a company's IT infrastructure and services to a third-party provider called a Managed Service Provider (MSP). MSPs take care of tasks ranging from basic support to advanced solutions like cloud administration and data backup. Using managed IT services provides companies several benefits such as allowing them to focus on their core business, reducing downtime, ensuring security and compliance, providing predictable costs, and giving access to the latest technologies. However, companies must carefully select an MSP, establish appropriate data security and privacy agreements, and define clear service level agreements to maximize the benefits of outsourcing IT while mitigating potential risks.