Below details some main differences between a shared workbook versus co-authoring a file.
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Microsoft has two ways to share files, Shared Workbook and Co-Authoring
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Shared Workbook is now Legacy Feature which Microsoft hides by default
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To enable Shared Workbook the user must manually add it to the Quick Access Toolbar
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The only way to share a Shared Workbook file is to upload it to a server
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Co-Authoring is Microsoft’s new version of file sharing
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To Co-Author a file the user can use the built in share feature of most Office Applications
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Co-Authoring is better for in time collaboration since it shows changes in real time to all users
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Shared Workbook works more as version control since it doesn’t update in real time, meaning that the user will have to deal with any conflicting changes
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Since Shared Workbook is a Legacy Feature and isn’t as versatile as Co-Authoring, we recommend turning off Shared Workbook for all current files and moving them over to Co-Authoring