updating text on InDesign

When you File > Place text, for example from MS Word, the default is for InDesign to embed the text and it is not linked. However, if you put a check mark on 'Create Links When Placing Text and Spreadsheet Files in Preferences > File Handling, InDesign can link the text to the Word document and can update it when changes are made to the text in MS Word.  This preference must be enabled BEFORE placing the text. The linked text will appear in the Links panel.

Note that when you link to a text file, InDesign will alllow you to change the text in InDesign. However, when the text is updated from the Word document, any changes made directly in InDesign will be lost, and will be replaced with the updated Word text.

There is a word to indesign course by Maria  Conception that covers workflows were you can have a word document linked to indesign instead of doing wordflow. It would not cost you money.

here:

Word and InDesign: Integration

this is the video in that course that cover linking and automatic updating:

Linking to Word files for automatic updating

Derek offers a good lead on a useful product.

InDesign does offer native features that do something like you describe. If you want to link text between InDesign documents, or even from one page of a document to another, check out InDesign's Linked Content features: Use linked content features in InDesign

Might be worth having a look at this: WordsFlow » Em Software