Cloud computing provides on-demand access to shared computing resources like networks, servers, storage, and applications that can be rapidly provisioned with minimal management effort. It offers scalability, instant access, pay-per-use pricing, and allows companies to focus on their core business. The cloud impacts organizations by changing IT governance, security needs, service agreements, and migration strategies. It also affects the role of IT and provides opportunities for APAC companies to operate on a global stage, though challenges include regulation, bandwidth access, technology talent, and rapid changes.