Best way to manage your library?

I have been in the PCB industry for over 20 years and depending upon who you talk to you will get a variety of recommendations on how to manage your library data. Everything from sharing the libraries over a network drive, to placing them on Drop Box, to using a formal version control system, and separating the component models from the meta data that resides in an ODBC compliant database. The good thing is there is no wrong way, but there are methods that require infrastructure decisions and a more process-oriented approach. A decision you and your organization need to make in terms of balancing process, progress, and inevitably your product integrity. 

Given the diversity of techniques, what recommendations would you give to a new user or existing company trying to improve their library methodology? 

1. Manage independent libraries reflecting each component class – IC, Resistors, Inductors, etc.... 
2. Same as above but managing the model versions using a version control system like CVS, SVN, Git, etc. 
3. Implement a component information system like OrCAD CIS 
4. Same as the above, but using a version control system 
5. Third party data management/PDM system 

We look forward to all feedback as it helps influence longer-term product decisions. 

Regards,

Yugandhar.