Final answer:
Cloud technologies help to cut costs, allow offloading operations onto a third party, and provide a flexible infrastructure that can adapt to regulatory changes, but do not inherently transfer legal responsibility of data.
Step-by-step explanation:
Cloud technologies are leveraged to achieve a variety of operational and strategic advantages for organizations. One of their primary functions is to cut costs by eliminating the need for local storage and computing infrastructure. By using cloud services, businesses can pay for only what they need, which can be scaled up or down as required. Another advantage is offloading operations onto a third party. This allows companies to focus on their core competencies while the cloud service provider manages IT-related tasks. However, it's important to note that while cloud services can transfer the handling or management of data to a third party, the legal responsibility for data often remains with the original company, not the cloud service provider.
Cloud Storage, collaboration platforms, and the flexibility to adopt new technologies are all parts of the cloud ecosystem that help companies become more efficient and adapt to tax laws or other regulatory changes.