It's not because the technology is so wonderful that they love it.
It's because the technology allows even relatively small companies to do an awful lot more than they can do right now, without taking the risk of buying, maintaining and depreciating the computers on which they run.
It's also because, if a two-year, $2 million ERP project fails, it's the CIO or project manager who gets fired, not the vendor. If it's a SAAS subscription that turns out to be too slow or missing a critical feature after a month or so, you can fire the vendor and switch to another service without losing your own job.
The Internet isn't just a way to get email out and videos in; it's a way to get easy access to the newest IT, and to a lot more job security than you have with that tiny little pipe you're using now.