We had a MS SQL database in which one audit table grew big to 5TB (due to an oversight). We identified unwanted records from this audit table and have deleted these records from this table. Now the total size of the tables and indexes is about 20GB, however the data and log file size still stays at 5TB. After looking through various forums, i found that we can reduce the data and log file size using

DBCC SHRINKFILE(N'datafile', 0);
DBCC SHRINKFILE(N'logfile', 0);

Followed by reorganize all indexes

SELECT 'ALTER INDEX '+indexname+' ON '+tablename+' REORGANIZE;'
from
(
SELECT 
    dbschemas.[name]+'.'+dbtables.[name] as tablename, 
    dbindexes.[name] as indexname,
    indexstats.avg_fragmentation_in_percent,
    indexstats.page_count [pages]
FROM 
    sys.dm_db_index_physical_stats (DB_ID(), NULL, NULL, NULL, NULL) AS indexstats
    INNER JOIN sys.tables dbtables 
        on dbtables.[object_id] = indexstats.[object_id]
    INNER JOIN sys.schemas dbschemas 
        on dbtables.[schema_id] = dbschemas.[schema_id]
    INNER JOIN sys.indexes AS dbindexes 
        ON dbindexes.[object_id] = indexstats.[object_id]
        AND indexstats.index_id = dbindexes.index_id
WHERE 
    indexstats.database_id = DB_ID()
    AND indexstats.avg_fragmentation_in_percent >= 5.0
    AND indexstats.page_count > 1
) a;

Is this a good approach to reduce the database size? I have came across blog posts suggesting not to shrink the db files. Any suggestions and pointers in the right direction will be of help. Thanks in Advance