When using LIVEsearch, in the background during modelling, the model is scanned on the fly, geometrically similar parts are filtered from the set search area and displayed in the dialog area LIVEsearch. Once a CAD feature is finished, a new search is executed and the search results are updated.
So the engineer gets information on already available parts for a possible reuse or adequate purchased parts.
Details on this can be found under Section 2.6.11, “LIVEsearch ” in PARTsolutions - User manual.
Currently [24] supported CAD systems:

