The opportunity
Hosting is a business decision. Cloud can speed deployment and provide managed services; on-premise systems can suit particular integration or organisational needs. Some teams need a hybrid approach.
How to approach it
Compare connectivity, power, equipment, support, backups, security and staff time. Define recovery objectives before selecting architecture. A low monthly bill is not useful if outages interrupt the service.
What to measure next
Document where data travels, who can access it and how it can be exported. Test restore procedures and provider failures. Start with an architecture sized for measured demand.
Further reading: Official source and guidance.