On Premise technology is software or infrastructure that is run on computers on the premises (in the building) of the person or organization using the software or infrastructure. Microsoft Office Suite is an example of on-premise software because it needs to be installed on the computer that runs it, while Office365 is not, because it is accessed via the internet and run remotely.
To get in-depth knowledge about cloud computing, give a read to these suggested blogs:
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MSPs embracing Cloud Management Platforms – The Success Recipe
Amazon RDS features that every cloud user should know
Amazon S3 Glacier: An underrated yet reliable storage option