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We use a software development version control system (like SourceSafe)
called Omniworks. Two people cannot work on the same doc at the same time.
There's a comments area for noting the changes.
Exact changes are not recorded by Omniworks. If you need to know the exact
changes, you can recuperate old versions from the server, then run Word's
Tools / Revisions / Compare.
BTW another good thing to do in multiple-user environments is to
password-protect the template, and set all docs to File / Templates /
Automatically Update Styles. This ensure that all docs conform to the
template, and that the template cannot be changed except with the PW. Any
changes to the template can be made by the consensus of the group. This
system requires a little discipline, but saves a lot of time fiddling to get
various doc styles homogeneous.