Opinion on whether to upgrade Windows servers or migrate to cloud

Job ID: 37007010

Budget: $25 – $50 AUD

As a business operating with Windows Servers, we are looking for a second opinion on whether to upgrade our current 2012 servers with new 2022 servers OR all services migrate to the cloud.
My MSP is helping with all the project changes required but I need a second opinion on the process as well as help answer a few questions.

Questions around risks with both options, licensing for cloud, any hidden costs, etc.