Inventory Item is the term used to describe goods and materials that are held in store by a business, available for purchase or use in the production of other goods. They can be tangible goods such as raw materials, components, tools, and finished products, or intangible items such as intellectual property and patents. Essentially, it’s everything a company holds in stock in order to fulfill orders and meet customer demand. Inventory management is an important part of any successful business, as it helps control costs and ensure quality products are always available when needed.