Bill of Materials Definition - 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 bill of materials 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.
A bill of materials 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.
From product management to prioritization, roadmapping, decision making, and strategy, we’ve got you covered.