Theory
Declaring :parentOf owl:inverseOf :childOf means: every :A :parentOf :B triple entails :B :childOf :A, and vice versa.
You only need to assert one direction; the reasoner fills in the other.
In practice this lets you ingest data in whatever direction your source system happens to expose (often only one) and then query in the natural direction for the question at hand — find all students of :Splinter and find all teachers of :Michelangelo become the same shape of query, even though the file on disk only stores :teaches.