The report discusses a new telecom operating model for extracting value in B2B Managed Services. Managed Services takes complexity off the customers' shoulders and is an attractive growth opportunity for telecom operators. However, operators have been hesitant to fully seize the opportunity due to the need for a significant uplift in capabilities and a transformation to meet the standards of Managed Services. The authors suggest that telecom operators need to clearly articulate their ambition level and that Managed Services requires a transformation. The global market for Managed Services is expected to grow significantly over the next few years, with businesses willing to pay for the benefits it provides.