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We have around 28 sites which contain around 2,000,000 documents. now we want to apply a policy is that if a document is not been modified for 6 months to set the document as read-only. so what are the approaches we have to apply this ?

Thanks

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Common scenario it's a apply Retention Policy of each Content Type. But information policy contains rules for remove, delete, move or start Workflow when calculation formula applyed to a document. You can investigate this Site Policy feature and Discovery feature. If OOTB can't cover the our case you can look forward to a custom retention formula and action for a you case with code behind. For previous experience we integrate 3rd system for eArchive and move old documents to this eArchive system and put a new link. For SP Online I think exist method for expand your retention with Flow actions.

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