A good colour management system will allow you to create output based on ISO, SWOP and Japan Color print standards.
Other features that support good colour management include colour calibration (or profiling), PANTONE® matching and trapping (or overprinting). Colour calibration enables output to be matched across multiple devices, PANTONE® support ensures that logo colours are accurately reproduced, and trapping enables one colour (black text, for example) to be printed over another.