Migrating to the cloud offers the following cost benefits:

• Efficient hardware utilization: In a cloud environment, the hardware is efficiently utilized and shared among other organizations' computing needs. This optimizes the use of the hardware, which means lower costs for the organization.
• Lower power costs: Better hardware utilization means more efficient power usage. Idle servers waste a lot of power, which is prevented in the cloud environment. Organizations have to pay large costs when the hardware is running in their local data center. 
• Lower people costs: In order to maintain the IT infrastructure, talented engineers are hired by the organization. Hiring such engineers is expensive, which is why the staffing budget of most organizations is much higher. The amount of money spent on staffing usually exceeds the costs of the actual hardware and software. When the data center is migrated to the cloud, these costs are saved.
• Zero capital costs: Running a local data center involves high initial investment to buy all the necessary hardware. Financing such hardware dents the organization's balance sheet. Using the cloud platform saves on these costs, as companies no longer have to buy, own, and maintain hardware and software.