Cost is always a big factor in any kind of discussion, and compared to more traditional processes cloud is often much more cost effective. Working remotely over the internet cloud computing removes the need for costly hardware and software, and as a result the costs that come associated with them i.e. the running of on-site data centers, constant demand for electricity and ‘IT experts’ for management. Additionally as mentioned above, a lot of cloud services run on a pay-as-you-use basis, meaning there is a decreased chance for wasteful expenditure.
In terms of performance and security you can find yourself presented with a double edged sword. On the one hand many of the largest cloud computing services run on worldwide networks of data centers, where upgrades to the fastest and most efficient hardware and checks to security are made regularly. However on the other hand, even the best of providers can run into technical issues and there is a dependency on suitable connections to the internet in order to access the server. You also need to consider that you will be surrendering sensitive company information to a third-party and when it comes to the internet there can be no security guarantee, meaning no cloud service provider can safely offer 100% security. 
One final benefit to utilising cloud computing is its ability to improve reliability. Tasks such as data backup, disaster recovery and business continuity are made so much easier in the cloud, as data can quickly be mirrored across multiple sites on a providers network. 
In an era where data has become central to most technological advancement and interconnectivity has seemingly become a long term goal, the elasticity and efficiency of the cloud is certainly proving to be a benefit. Of course like most things the cloud has its downsides, however with companies such as IBM making predictions that 75% of non-cloud applications expected to join the cloud within the next three years, it seems that these downsides are inconsequential.