Rename a Part and Update Assembly and Drawing Instantly

If you have a part that you need to change the name of, say for example Part1-Rev1.sldprt and you want to rename it to Part1-Rev2.sldprt but you also want the drawing and assembly to update with the new name then here are the steps to complete this action:

1. Open the Drawing and Assembly the original part is contained in
2. Open the Part to be renamed.
3. Make sure the Drawing and Assembly are in the background.
4. From the Part hit File/ Save As
5. DO NOT hit Save as Copy
6. Simply rename it to anything you want in this case Part1-Rev2.sldprt and hit Save
7. Now go back to the Drawing, and Assembly and you should see how the reference updated.
8. Lastly save the Assembly and Drawing and you are done.