If you need access to your files from anywhere, Office 2016’s built-in OneDrive & SharePoint integration makes cloud storage simple. To save to your OneDrive or SharePoint account, click the Online Locations button in the lower-left corner of a Save dialog box. Choose your existing account from the list, or click the Plus button to add another location.
What's the difference? Glad you asked. OneDrive is a consumer product for cloud storage, like iCloud Drive. Aimed more at businesses, SharePoint acts like an intranet, letting teams share and collaborate on files.