Step 1: Click on the three dot 'More' menu for the desired file. From the dropdown, select 'Replace Media.'
Step 2: Select your notification preference, include an email message if desired, and click 'Upload.' This will open up files on your computer. Select the media you would like to replace the file with and click 'Open.'
Note: if users have taken notes on an old version, they may not line up correctly depending on the extent of changes to the document.
