If we change an Item Groupd name what-if any- would be the affect? Anything to worry about or is it simple a matter of changing the name when and if we choose to ?
If u asking simply to change the name of item group then it will change automatically the name of item group selected in item master only. there will not any other change configured in the system
Changing an Item Group should not have any adverse effects, however if you've created any custom reports, you should take note that using the Item Group code instead of the name would be a better way to go.