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In this Excel tutorial, Sharon Smith demonstrates how to create an effective inventory list suitable for both small businesses and personal use. She outlines the essential columns of data needed to manage inventory and explains how to apply conditional formatting to highlight items that require reordering. The tutorial also includes a brief overview of using pivot tables for easier data analysis. Sharon provides a step-by-step guide to create the inventory list from scratch, and mentions that a template is available for purchase via a link in the video description, enabling viewers to save time and get started quickly.