What are the biggest advantages of cloud computing?

On-demand is the most expensive cloud pricing model.
Organizations can easily run out of budget before they see any value from cloud transformation, if all they do is lift-and-shift. 
For cloud to actually and sustainably be less expensive than on-prem, a solid cost optimization strategy is needed, and it must be backed by an enterprise-grade software solution that can access and manage discounted compute.

The cloud delivers more flexibility and reliability, increased performance and efficiency, and helps to lower IT costs. It also improves innovation, allowing organizations to achieve faster time to market and incorporate AI and machine learning use cases into their strategies. With pay-as-you-go cloud pricing, companies can save on average 15 percent on their IT costs by migrating to the cloud. Moreover, cloud providers use advanced security procedures and policies to protect sensitive data more effectively than companies that invest in on-premises systems.

Cloud computing offers users the benefits of collaboration, productivity, and unparalleled computing power. To begin with, cloud storage is much cheaper than traditional IT systems, especially when the world is preparing for an economic downturn. Think about it: instead of halting your critical projects or axing employees, what if enterprises could look deeper into their data estate, identify dark data, and then optimize it by either deleting it or archiving it in the cloud? Migrating to the cloud and taking advantage of its pay-as-you-go pricing can save companies an average of 15 percent on their overall IT costs. On top of that, cloud providers use advanced security procedures and policies to protect sensitive data more than companies that invest in on-premises systems.