I believe there is an Add-On called Jive for Microsoft Office. this would allow you to collaborate with Microsoft Office suites i believe (my agency does not do this)
I did find a video on how to use Jive for Microsoft too if you would like to view it here is the link: Using the Jive for Microsoft Office Plugin
Also, within a group, when you upload a document there is a radio button to allow more than one author to edit said document, and only one person can edit at a time.
Hope this helps
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Raul has it right. The Office Connector works really well! Don't know how internal communities live without it J Like Raul said, it allows co-editing with great version control. The Outlook Connector is awesome too!