Hi,
Windchill is a powerfull tool for managing Product Configuration :
Baselines are one of these features.
Promotion request have a combined baseline and lifecycle state change capability
These features snapshot a particuliar iterations of your parts and BOMs
But Configuration Management deal mainly with Change Managment and effectivity management. You can use dated effectivity , or use a Product End Item as Config Item (lot, serial number ...). In this case, you will track Versions of your parts.
regards