The number one questions I get when working with customers in Office 365 is where do I store my files. File shares are dead, saving on a desktop is not advisable anymore, that leaves One Drive for Business and SharePoint team sites, plus others, but these are the ones that most people konw.
OneDrive for Business is a place where you can store files from your computer into the cloud, and access them from any device, or share them with others. As part of Office 365 or SharePoint Server, OneDrive for Business lets you update and share your files from anywhere and work on Office documents with others at the same time.
A SharePoint team site is a place that users can collaborate on files, documents, and ideas. It is set up to facilitate two way communication between team members. SharePoint offers a full range of document libraries, task lists, calendars, workflows, wikis, and other features to help a team communicate and collaborate.
With both OneDrive for Business and a SharePoint team site, your files are stored in the cloud. You can sync either OneDrive for Business or SharePoint to your computer. See Sync your OneDrive for Business files or Sync site libraries to your computer for more info.
In a later post I will explore Outlook Groups.
Thanks @Microsoft for this helpful information