Working with a big MS Word document with a group of people using the "track changes" feature is a lot more painful than sharing a software project between a bunch of developers.
Perforce tries to fill the niche of version control for files like word files, but doesn't do it overly well. Unfortunately, p4 only discriminates between `text` and `binary` files, and because
Sharepoint was starting to get pretty slick with their versioning and approval flows when I used it last (2013); maybe they've improved further. All that being said, for the non-engineering folks, just seeing when the file has changed seems to be good enough for them; I've yet to see a non-engineering team properly use the collaboration tools built into *Word*, much less use Sharepoint effectively or adopt a full version control tool like p4 or git.