In simple words, Cloud computing enables the enterprises to access a shared pool of configurable computing resources with nominal management efforts. Configurable computing resources includes networks, servers, storage, applications and services. Enterprises can easily store and process their data in third-party data centers with all required flexibilities. Enterprises need to purchase/rent and maintain all the mandatory software and hardware.
For greater levels of security and control, the concept of 'Private Cloud' with private network; accessible for only one client is also very prevalent in which cost benefit has to be sacrificed up to major extent.
Flexibility: Cloud applications are hosted remotely but they allow you to configure and customize applications as per your requirements.
Less Time for Deployment
Anywhere Access :You just need a browser and internet access to connect. This makes mobile access, remote working and the sharing of information easier than ever.
Less internal responsibility : Vendor is responsible for maintaining the software, upgrading the system and maintaining customization through upgrades.
Same like SaaS, security of data and information can again be the biggest concern.
Limited control is again a concern here. You can manage or control the application up to major extent but key administrative tasks such as server shell access, updating and firmware management may not be passed to the customer.
Little costly: Licensing need to be taken care of by company.