Bill,

I setup my design environments such that the Schematic Capture tool is live linked to the company master database.
New components that will be used for anything more than quick prototype efforts are subjected to a component engineering process in which they are entered into the company main database as well as any secondary databases that may be required to support engineering data. When I complete a design effort I use the BOM from the schematic as the source for creating a BOM within the company master database at which point that BOM is always considered the product master BOM.

Generally our schematics are only updated for significant FFF changes.  We don't display company part numbers and can change the master BOM without needing to always update the schematic.

Hth,
Dave

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