The document discusses cloud computing, which is the on-demand delivery of IT resources over the Internet through pay-as-you-go pricing. Rather than owning physical servers and data centers, companies can access computing power, storage, databases, and other technologies from cloud providers like AWS. Some benefits of cloud computing include competitive advantages through faster access to latest applications, quick deployment of services in fewer clicks, and cost savings by paying only for resources used rather than maintaining physical infrastructure. Cloud storage also enables easier backup and recovery of data.