There are many definitions of "the cloud". My personal favorites:
cloud = server(s) managed by someone other than you in another location
Other than some common generic services you still have to engineer solutions to fit your business needs. Anything you want to have you have to specify and pay for. The cloud does not magically/automatically provide backup/fail-over. You have to set these up and pay extra for them.
IT can succeed or fail in the cloud just the same as it can in your own private data center. People who "know how it works", or IT people will still be needed regardless.