Autosave For Excel Files
Read this article to find out how to restore the original condition of an Excel document with the autosave function if there were some editing issues. A file accidentally edited or deleted can spoil your day, especially if there is no backup copy. Automatic data backup in Excel will boost security for your files by saving the previous version of a file automatically.

AutoBackup will create a copy of the spreadsheet you are working in when it is saved. In case you make some changes to the original spreadsheet, save them, and then suddenly change your mind, you will always have the opportunity to open the file backup. Every time you save the main spreadsheet file, AutoBackup will update the backup file to the previous version of this spreadsheet.
To have everything confgured, open an Excel spreadsheet. After that:

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Go to the tab File – Save As
Go to the folder OneDrive: Personal.
Click Tools and choose General Options….
Check the box for Always create backup and click OK.
Hit Save in the document save window.
From now on, every time you edit the spreadsheet file and save it, the backup file will be updated to the previously saved spreadsheet file.
If data backup for Excel was not configured at the time when a file was lost or deleted, you can always use one of the tools for restoring Excel spreadsheets (Hetman Excel Recovery) or bringing back Microsoft Office documents (Hetman Office Recovery).

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Yes, there are several alternatives to using Autosave in Excel 2016. These include: