The most important qualities of a version management system are, concurrency, reversibility and capability to annotate. When the version management systems were first introduced, they were intended for supporting the programmers which continues to be main important function. When you extend the definition these systems can also help you to control the web content, or for that matter any kind of document stored in a computer environment. Recent versioning systems are also able to manage images or binary files.
Though the basic quality of revision control system is its reversibility, which means that it is possible to be able to go back to a saved original version whenever needed, concurrency can also be stated as a handy quality, which allows a number of people amending and getting back to first saved versions simultaneously. This helps detection and reversal of affected documents.
Other important features of versioning systems is that of data annotation, explaining each change in documents & files while also logging what and who brought in such changes. For programmers who work alone, the history of such changes becomes of great help and importance, while they also become a communication system among developers as they serve as memory aiding functions. The histories of all changes are stored in a repository which is known as the master copies. Thus there are master copies in the repository which are never altered, and working copies which you edit and make changes.
Version management helps to check out a working document, which are copied from the repository of files and check in for committing a change in the work file, as well as examining the file history. Save for these properties, any other function of versioning is merely an extension of the above.
Earlier systems did not have the capability of accessing the files from any geographical location. Nowadays, it isn't compulsory that the document which you are intending to edit or work on should be stored on your local computer, as files can be accessed even if it is on another computer in any location in the world or in the cloud, as they can be accessed through the Internet.