Item Revision
I have found information regarding BOM Assembly revision.
Does NetSuite provide a solution to run item revision on an inventory item?
No you cannot. You can create a new item every time or you can make an assembly item, use revisions on it, and only give it one component, the inventory item.
Question Incomplete:
Item revision / BOM revision is the list of Components which are being used in Creation of One unit of Assembly items.