How is your company managing SharePoint Storage?  We are near our storage quota and looking at M365 Archive.  Is anyone else using it for SharePoint Archiving?  If not, are there other tools being utilized?

We have recently implemented AvePoint's Opus product to manage this for us. Given our business requirements (defining that took a year), we determined it was more cost effective to buy their product than build something ourselves. We have outlined a version history limit of 25 by default and content not modified in 13 months can have its version history reduced to 3.

Opus includes an archive component, but our comparison of that vs. the Microsoft 365 Archive capabilities led us to choose and implement Microsoft 365 Archive over what Opus can do.

Over the last year, archiving content and reducing version history limits has reduced our storage consumption in SharePoint Online by nearly 100 TB.

We are using M365 Archiving and finding it very useful. The challenge with stripping versions is that you have to know which one is actually a record as Microsoft's intelligent versioning (or any homegrown) solution is based on "risk" and "time". You have to be very sure and clear with your users that you are only keeping the latest major version

We faced the same challenge in our company and found a way to address it!
Our main problem was due to the number of versions that microsoft was keeping it after each modification. For example, one single document of 50 megas could be occupying 1.000 megas of space in sharepoint because of its version history.
With our IT team, we delevoped an intelligent script that optimize these versions of documents based on some rules reducing significantly the storage used and saved us from paying for extra storage