​Data Governance in Office 365 uses the power of the cloud to bring information overload under control and support your ability to achieve organizational compliance. Advanced Data Governance leverages classifications and machine-assisted insights to help you intelligently keep what’s important while leaving behind redundant, obsolete, and trivial content (ROT). This means the high-value content across Exchange Online, SharePoint Online, OneDrive for Business, and Skype for Business, which is important to your business, is efficiently protected for as long as you need it to be. 

In this video Nishan DeSilva, Principal Program Manager in the Office 365 Information Protection team at Microsoft walks through retention action across all workloads with Data Governance in Office 365.
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Learn more at https://products.office.com/en-us/business/compliance-tools-ediscovery