Your current requirements do not take into consideration the effect of time: sooner or later, your company will modernize its catalogue or reorganize its organizational structures. Items will then have to be organized differently:
If you opted for a dumb sequential numbering, you don't care: you just change some attributes of the item. And there you go!
If you opted for a meaningful numbering, that embeds structural information, it'll be terrible:
- You'll have to break the former numbering and people will be confused.
- Moreover, the meaningful numbering could have hidden some requirements for filtering the catalogue according to additional criteria. So the reshuffling might even disrupt some processes.
- Item lalebelslabels on the stock shelves or printed on the boxes cannot be changed just overnight like in a database?
- Finally, customers out there might have ongoing orders, or long term contracts for these items. So that you cannot change the external reference like that to adopt a new numbering: this would be a painful transitioning however youllyou'll be doing it.
So yes: Why not just sequential numeric? Is there any tangible argument against it, being understood that you can always have a popup or a link showing additional item attributes, or even print what's needed on labels if it's relevant.