Working with large number of items

Question

Hello there

we use sharepoint for all our internal documents . but some list have huge number of documents inside it we even have this message shown in the setting
(This list or library contains a large number of items. Learn about managing a large list or library and ensuring that items display quickly.)

my qustion here . what is the best way to deal with big number of documents and files .

another thing . sometimes we have big excel files for example an 11 Mb file . we need to apply the versions feature in this list . but this file are changing in daily bases so imagen everyday there is new version added with a size 11 mb in this example .. is this the right way to implemnt it ? or there is much better and more reliable one