Migration to cloud is worth a try but there are certain key things to keep in mind before you take the plunge.
Before planning on your migration strategy, it is important that you analyze your existing infrastructure, metadata, workflows and custom apps if any. This will help you give a clear idea of what needs to be migrated and what can stay on premise. You may want to completely adopt Microsoft platforms across the organization, or do you want to migrate only some collaborative content and opt for a hybrid approach.
Once you have a clear idea of what you want. Explore the available migration project plan and strategy. Adopt an agile migration strategy by migrating data in batches.