Hi.
The most common scenario where renaming a part would be due to a rebuild/modification. This is quite common in certain industries such as aviation and defense.
If you e.g. consider a certain assembly that, let’s say a pump, that was originally designed to give a certain pressure. The manufacturer then redesigns the impeller, and the pump increases. To distinguish the pumps with the higher pressure, it is given a new part number. But, the manufacturer also decideds to offer the new impeller as an upgrade. So, when you have replaced the impeller, the old serial should now have the new part number. The rename capability allows you to do this, while keeping history with the same object.
If you are using the Fleet and Asset Management solution, you can define Modifications to control this process, which also means that you can do the rename as an integral part of the work order process.