The importance of software version control lies in its ability to track changes to code and collaborate effectively within development teams. By implementing version control systems like Git, teams can manage multiple iterations of a project, facilitating experimentation without risking the main codebase. This practice allows for easy identification of bugs, rollback to previous versions, and understanding the evolution of a project over time. Version control enhances collaboration, accountability, and coordination among developers, resulting in a robust and organized development process.