Exchangeable-tip spade drill bits have a fluted body that accepts removable inserts to form cutting edges for drilling holes into workpieces. Also known as spade drill holders, these drill bits accept inserts in a range of sizes, allowing one drill bit to create holes of different diameters. The inserts can be replaced with new inserts without removing the drill bits from the machine. Exchangeable-tip spade drill bits require fewer tool changes than solid tools in high-volume metalworking and fabrication applications with high speeds, high feeds, and difficult-to-machine materials.