Alongside with OS and firmware, Microsoft also releases monthly updates and patches to Office 365.
Here are the new features and improvements:
Shape Recognition: Automatically transform your drawings into shapes.
New connectors: Create a query using options from the new Online Services category including connectors to SharePoint Online, Exchange, and SAP HANA.
PivotTables with OLAP connections: Improved the performance when you create, edit, and refresh PivotTables with OLAP connections.
Data transformation improvements: Convert duration values to years, support for whitespace and line feeds in Query Editor preview, and rename queries directly from the Queries pane.
Data connectivity improvements: Detect jagged CSV files, support for authentication with a Microsoft account when using the Exchange connector, and validate URLs provided by users when trying to connect to their SharePoint List.
Text highlighting: Draw attention to important text by using the text highlighter.
Inking support: Use your pen or finger to draw and annotate with the tools on the new Draw tab.
Other Office apps received security and non-security patches.
To get the update, open any office app then hit File > Account > Office Updates > Update Now. Please note that you need to close all Office apps and Skype to apply the updates.