OneDrive for Business is your private space and a great place to save your work. OneDrive is for documents you don’t plan to share with many colleagues, like draft documents or personal documents that others don’t need to see. It’s also a good choice for ad-hoc collaboration with a limited scope of colleagues or for documents with a brief lifecycle.
It might be tempting to save all your documents to OneDrive since it’s easy and convenient. However, you need to think about the content that you have there and consider the implications. If a document is a collaborative effort related to a project or needs to be preserved as part of the Organization’s records, Unite Docs would be a better choice.
Components & Features
Store your unclassified* work files on the Office 365 cloud
Sync with your computer to work offline
Sync with your mobile devices for access anywhere
Share files and send links via email
Simultaneously edit or co-author documents online
Automatic versions saved
Annotate PDF files directly in the mobile app
Files are accessible anywhere on any device
Files are protected from hard drive failure and accidental data loss
Sharing files reduces the number of attachments sent by email
Edit or co-author documents can be simultaneously which eliminates the need to consolidate changes from various collaborators (everyone works on the same document)
Difference between OneDrive for Business and SharePoint Online Site
The main difference: OneDrive is your personal drive vs SharePoint Online Site is a department content space. The good news - both applications function very similarly regarding document management.