An Odoo implementation is the end-to-end work of taking a business from its current systems to running on Odoo: discovery, business process mapping, solution architecture, configuration, customization where standard functionality falls short, integrations, data migration, testing, training, go-live and post-launch support.
The mix is different for every business. A single company on Sales, Inventory and Accounting is mostly configuration and data work. A multi-company retailer across four countries with fiscal hardware, custom payroll and per-location security, like Jo Ann's, is an engineering project that happens to start with configuration.
That is the distinction that matters when you choose a partner. Configuration is table stakes. What separates implementations is how the team handles the parts Odoo doesn't do out of the box, and whether the result can be upgraded next year.