How does someone reinvent the English alphabet, ASCII code?
With that said, you have to consider GTYP, Bore size(most time two fields, but can be up to 3 parameters for Cross type components), vendor...
And then you may come up with a naming convention like CRVBSTFF for example, CR=Crane (vendor name) VB= Valve Ball, ST = styp, full bore or reduced bore, FF = DN 50 or 2in.
Of course, just as you think 8 digits is enough for your SCOM naming convention, you will encounter a case where 10 digits maybe requested, so that means you have to revamp all your existing naming convention...