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I want a workflow to execute on inventory item records only under the condition that the inventory level at all locations is equal to zero. How can I express that as a Condition?

Create a saved search that aggregates all on hand qty across all locations then use the summary criteria to limit to when SUM({location on hand}) &lt;= 0

Then use that saved search as your condition

Isn't there a total quantity on hand field already available in the Item record?

Not exactly sure how it's called in the Workflow but there is one in the Item record. I suppose that's also available in the WF