Jive Connects for Office is an add-in for Microsoft Office that enables users to store documents in their community and allows multiple users to edit the same in Microsoft Office. Documents stay in sync because Jive Connects for Office notifies you when changes have been made to the document, and you can choose how you want to deal with the changes. You can incorporate changes into your document, or overwite your document with the updated document.
You'll get real-time notifications of changes and coments being made to a document when you you have it open in supported versions of Office.
To learn more about using Jive Connects for Office, check out Working with shared Microsoft Office documents