Inventory Items refer to any goods and services that a company owns in order to produce other goods or services. They can range from raw materials, components and parts to warehoused items, work-in-progress and finished products. From a business standpoint, inventory items are an important asset as they ensure a consistent supply of necessary materials for production. In addition, an organization’s inventory items can become a source of revenue should their value increase over time. Companies must carefully manage their inventory in order to maximize its usefulness without becoming overstocked or risking losses due to expiration dates or damage.