File Version History on iCloud Drive needs to be supported...

I was switching from my Mac to my iPad while working on a Word file saved in iCloud Drive. When I went to my iPad to open the file, the file had already been open with an older version and automatically overwrote the newer edited version of the file saved in iCloud. I am left without hours of work on a word document because iCloud overwrote my file. Why does iCloud not support a file version history of all files, not just the iwork suite? I wish I could just right click and restore an older version of the file! Ugh. Also no time machine :(