I have the same question, apart from being able to extract BOM's from vault, what are the benefits of using Item Masters.
Just off the top of my head...
Faster Batch Plotting
Exporting to ERP systems like SAP
Setting Effective Dates
Easy to find all related documents in Thin Client
Adding non modeled parts (paint, glue, etc); some users do this a virtual components or IPTs that are empty instead
...it really depends on your business and how data flows out of engineering and who consumes it.
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Mark Flayler - Engagement Engineer
IMAGINiT Manufacturing Solutions Blog: https://resources.imaginit.com/manufacturing-solutions-blog
To the BOM idea, there are tools that are free to some that allow easy extraction of BOM in Vault without Inventor being installed or using ITEMs.
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Mark Flayler - Engagement Engineer
IMAGINiT Manufacturing Solutions Blog: https://resources.imaginit.com/manufacturing-solutions-blog