Is the cloud benefiting IT, but not business?

I read an interesting article published in InfoWorld by David Linthicum titled "The cloud is benefiting IT, but not business"  which got me thinking.

Cloud computing is often seen as the panacea and solution to all business IT problems. 

I've often thought that maybe this is an over simplification. 

Essentially one could argue that Cloud Computing is a form of Mainframe Computing. But so is on-pemises terminal server based computing.

Thought provoking piece!

https://www.infoworld.com/article/3715300/the-cloud-is-benefiting-it-but-not-business.html