Managed bundles support automated updates by solution providers. Because the solution provider is responsible for the bundle update process, you do not have to take any action to ensure that a managed bundle installed in your production account is always the most up-to-date version.
The list of installed bundles, at Customization > SuiteBundler > Search & Install Bundles > List, has a Managed column that indicates which bundles are managed.
You cannot manually update a managed bundle installed in a production account by selecting the Update option in this page’s Action menu. Managed bundle updates are pushed into your account at the discretion of the solution provider.
In addition, you cannot override the managed bundle object preferences set by the solution provider. If a non-managed bundle installed in your account later becomes managed, all preferences previously selected in your account are ignored during bundle updates.