A Better Way to Update Inserted Images
If you are working on a project that involves inserting images into a Word document and you know the images will be changing before the project is finalized, use the “Insert and Link” setting as you add your images.
Click on the Insert tab along the top of your screen
Click on Pictures and navigate to the image file you need
Once you've selected your image file:
Instead of clicking on Insert, click on the down arrow next to "Insert" to reveal the drop down menu
Click on Insert and Link
With Insert and Link the links to your images will refresh each time the document is opened. The benefit for you is that the images in your document will update as the links refresh if changes have been made to the image files.
One caveat is that this only works if the linked file paths have not been changed.
It is also important to keep in mind that if you have shared the document with others who don’t have access to the linked file path, they will see the image you inserted just before sharing the file; the image will not update if the links cannot refresh. But at least they will see an image and not the red X you see when an image has been inserted with the Link to File setting.
TIP: If you are working with images in Word on a regular basis, or you are about to start a project where this will be required, consider adding Zapps Pro The Collection to your bag of tricks.
This affordable and easy to use software contains tools that make it faster and easier to insert images in your preferred settings and includes a very handy tool for updating image links if the links change.