Enterprises of all kinds, from organizations across the industrial spectrum, to governments and entrepreneurs, all are seeking to enter newer business models, drive innovative services and much more. IT being the core enabler of businesses, has forced IT departments to drive tremendous business value from their IT investments. In the past and at present, enterprises have engaged external service providers in traditional service delivery arrangements to handle the ongoing IT operations through models such as staff augmentation, co-owned delivery etc. The traditional models may not suffice to manage the present day expectations of customers and business stake holders such as reduced time to market, cost optimization, on demand services and much more.