Quick Deployment: you have the ability to quickly deploy servers or applications due to infrastructure already being in place. No more long lead times from vendors who build their hardware from the ground up.
Security: Microsoft Azure and Amazon Web Services have the most state of the art and up to date security in place
Reliability: Microsoft and AWS have SLAs that are hard to beat for the cost compared to on premise deployments. Additionally, you have options to load balance and fail over services.
Scalability: Cloud computing can be elastic. Do you have periods of very high or very low resource requirements? You have the ability to add or remove computing power from your infrastructure, as needed.
Reporting: Azure and AWS give you great insight into your infrastructure performance with their out of the box metrics.
Cost: pay for only what you use as you consume it. You do not necessarily need to spend a lot of money up front.