Watch the Layering with Inversions online guitar lesson by Matthieu Brandt from Songwriting on Guitar
Each major and minor triad can be inverted to create smooth bass lines in a chord progression or to color a chord. You can do the same with 4 or 5 note chords. It's good to get a grip on all the inversions of open string chords. Other inversions can be harder to play when you're playing by yourself on an acoustic guitar. Recording your chord progressions and experimenting with bass lines can be a great way to enhance your songs. To do this you'll need to know what the individual chord tones of each chord are.