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It is a subscription plan that includes access to Office applications plus other productivity tools (such as Email, OneDrive storage, SharePoint, Forms, Teams, Skype for Business and many more) that are enabled/accessible over the internet through cloud services.
University data will be stored off campus property, at data centres owned and managed by Microsoft's strong security network.
MSO365 also allows you to collaborate and share your work.

You can watch this video https://www.youtube.com/watch?v=4WIbqcmSB_E 
 

Keywords: 365 O365 Office