The Full Form of MSPS is‍ Managed Service Provider.

A managed service provider (MSP) is an outsourced third-party company that manages and assumes the responsibility of a defined set of day-to-day management services to its customers. It is a strategic method of improving operations that is commonplace among large corporations as well as small and medium-size businesses, non-profit organizations, and governments.

An MSP can handle myriad operational tasks that, though critical to the success of a business, are non-customer facing. Many organizations make the strategic decision to outsource operational processes, due to the efficiencies and expertise such a program brings.

Because of its complex nature, one of the most popular operational task to outsource is the management of a company’s contingent labour procurement process. Doing so allows a business to take advantage of an MSP’s capabilities and experience, while avoiding the direct cost of managing the program themselves.

The areas of business that are most often outsourced to a managed service provider include:

• information technology;
• payroll;
• workforce management and contingent workforce management;
• human resources;
• contract management and compliance;
• vendor management;
• procurement and sourcing.