I also track historical movements to see which items are never used.
Recently I've moved towards everything being stored in numbered bags, which are hung in order on a line for O(N) retrieval. For storage it tells you which bag to put it in, for retrieval it tells you where it is.
I'm thinking more and more the optimal system will have a physical as well as digital component.
Also, I feel this system would be great for shared workshops at work places and maker spaces etc. I was just rummaging through our lab at work today, there's so many parts in the lab no one would know about, if it was inventorised with a good integrated (AI?) search function the equipment could be much more useful/available.