I started doing this in the 1970's on paper, then with a primitive database when I got my first home computer in 1998, finally migrated to a standard LibreOffice/Excel type spreadsheet a few years ago. It has grown into a monster with over 2,000 entries.
It is useful for :
- knowing what I have in my large stock of spare parts accumulated over several decades without having to rummage through the boxes in the shed. The sensible alternative would be to sell, donate or discard most of this stock.
- knowing the age of critical components. For me these are aluminium alloy handlebars and stems, which are supposed to have a limited service life in years. I should maybe add cranks, but have not yet had any problems and reckon my pedalling method of spinning short 150 mm cranks reduces the likelihood of them breaking.
- keeping track of service intervals for hub gears.
- keeping track of the kms on wear components (tyres, rims, chains and sprockets, and to a lesser extent chainrings and bottom bracket units).
This is now much less relevant because:
(i) I installed Chaingliders for the transmission on the majority of the family bikes and guest bikes.
(ii) I have long-lasting carbide rims on my main touring bike.
(iii) Nearly all my cycling is now on hub gear bikes rather than derailleur.
(iv) I now have the knowledge and tools to check chain and rim wear directly.
(v) modern tyres seem to last much longer than 50 years ago, at least in the wide sizes I now favour on my touring and utility bikes.
Except for bragging about the long service life of some components on this forum, for a lot of stuff it isn't particularly useful. I can feel or see when brakes, levers, pedals, derailleurs, shifters and headsets are worn out.
So, IMO, very useful a few years ago for keeping track of things when I was maintaining a lot of bikes for different family members, but not really useful at the present time now that I only have my own and wife's bikes plus the 2 guest bikes.
I keep it going because the thing is already set up and doesn't require much effort.