A bill of materials (BOM) is a complete inventory of the raw materials, components, and parts that are involved in the manufacture of a product. The exact quantities for each item should be listed in a BOM, too.
Creating a BOM helps businesses estimate the cost of developing a product, as well as plan purchases, avoid wasting money on unnecessary items, and keep control of their inventory.
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A BOM should be created early in the lifecycle of a product to ensure teams have everything they need and avoid delays. It’s vital to limit the number of people able to change a bill of materials, to avoid disruptive mistakes or oversights.