I have appx 5 Team licenses that I'd like to change to Social. If I purchase additional social license I will no longer need Team licenses - How do I manage this type of change? Can I cancel the Team license once change is completed or is there a way to just downgrade from Team to Social?
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To my knowledge you can't downgrade. The only thing you can do is get the Social and try to get some kind of refund for the Team you don't need anymore. However you're usually committed to the licenses you already got for a certain period of time so it might prove problematic.
Contact your PM.
You can revoke the licenses and replace them with them with other licenses in real-time. However, I would reach out to your Account Executive to go over transitioning the licenses.