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What advantages and disadvantages does using Canvas rather than building an LMS in house bring?

Should organizations use software service providers for all their software needs? Florida Tech relies on Canvas for their Learning Management System (LMS) requirements.
What does Canvas provide?
What does it require from the institution?
What advantages and disadvantages does using Canvas rather than building an LMS in house bring?
What alternatives are there?
What recommendations would you make regarding the implementation both from a student perspective and an IT strategist perspective?
Parameters:
200 words minimum

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