Migrating to Office OneDrive

Hello,

I am an internal communications strategist that provides creative support (video, photo, design) for our team. Our IT team is moving us away from network drives to the Office365 OneDrive. Just starting to setup a folder structure and processes. Just curious about how best to proceed, what to look out for and if anyone has any general advice. Starting from a fairly ignorant position -- i.e. can you edit an Illustrator file directly off the OneDrive or do you download locally and re-upload?

Thanks kindly.