In this lesson, Nick Palazzolo, CPA, demystifies the complex world of IT outsourcing by breaking down various service-based business models such as Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). He makes the subject relatable by comparing cloud services to everyday experiences like using Google Drive or iCloud. Nick explains how these models can benefit organizations by providing cost-effective solutions for handling vast amounts of data and computational work. He also provides insights into how these services can be utilized for data storage, remote computing, developing, and testing applications. With a sprinkle of personal anecdotes and breezy explanations, Nick ensures that the intricate details of IT outsourcing are made approachable and clear.