The newly announced app integrates Word, Excel, and PowerPoint in one app, reducing app size on phone and introduces new capabilities that enable the user to create content and new tasks easily

Here is a shortlist of the key benefits:

• Integrating Excel, Word, and PowerPoint means fewer apps to download, keep updated, and switch. This also reduces storage. The new app maintains all current capabilities.
• Microsoft Lens technology is integrated, allowing scanning and converting images into word documents and excel spreadsheets ord PDFS.
• New tasks like quite notes, signing PDFS and transferring files.

Please see the full announcement at Microsoft 365 Blog.