
Hi @Carman, Caryn,
Thank you for posting in this community.
It looks like you are getting ready to use SharePoint Online. Correct me if I have misunderstood.
1.Data life cycle
In SharePoint Online we can achieve data lifecycle management by creating retention policies and retention tags. Use these retention policies for Microsoft 365 workloads that include Exchange, SharePoint, OneDrive, Teams, and Viva Engage. Configure whether content for these services needs to be retained indefinitely, or for a specific period if users edit or delete it. Or you can configure the policy to automatically and permanently delete the content after a specified period if it's not already deleted.
You can follow this article to learn more information about retention policies and retention labels.
2.Data management and Teams.
In SharePoint we create site collections and create sub-sites underneath them, and within each site, create other apps such as Lists or Libraries to hold and manage our data.
We can control user access to the site by creating an M365 group. When you add owners or members to the Microsoft 365 group, they're given access to the SharePoint site along with the other group-connected services. Group owners become site owners, and group members become site members.
You can create a M365 group or connect a M365 group to a site.
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