Multi Tenancy Administration

I see an option on AEM web console as "Multi Tenancy Administration". Using this option, we can create multiple tenants but I am not able to figure on how to use these tenants in Assets, Sites etc. I am assuming using multi tenancy option, there should be some additional configuration that should allow dam paths governance, content governance (eg. paths where any tenant create content). Has anyone used this multi tenancy administration and can share some insights.I read sling documentation and this is too generic.