Why and How to Conduct a Data Asset Inventory

If your organization hasn’t conducted a data asset inventory, there’s a good chance you’re making decisions with incomplete, inconsistent, or invisible data. That’s not an opinion – it’s a reality I’ve seen play out in organization after organization. A data asset inventory is one of the most practical, non-invasive steps you can take to improve how your data is understood, managed, and used, and it doesn't require a fancy system or massive investment to get started. It just requires the willingness to find out what you really have.

Inventory as the Data Governance Foundation

Let’s face it – if you don’t know what data you have, where it lives, who owns it, or what it's used for, you're essentially flying blind when it comes to data governance. That’s why conducting a data asset inventory isn't just a best practice – it’s the starting line. In last week’s Real-World Data Governance (RWDG) webinar with Dataversity, we flipped the script on the typical question, “How do I conduct a data asset inventory?” and instead asked, “Why haven’t we already?” Because knowing the "why" makes the "how" much more purposeful. A well-built inventory gives organizations visibility, promotes data accountability, and supports both compliance and strategy.

A data inventory isn't just a list – it's a map. It connects people to data, defines critical data elements, and allows you to find that “golden source” in the pile of duplicates. In the opening of the webinar, I walked through how an inventory helps formalize accountability, starting with identifying the right data stewards and owners (many of whom already exist – they just haven’t been recognized as such yet). If we want sustainable, non-invasive governance, the first step is knowing what data needs to be governed.

And governance can’t be scalable without structure. When inventory efforts align with governance goals – whether it's data quality, risk reduction, or enabling AI – you create a living, breathing resource that empowers decision-makers across the business. I highlighted examples from healthcare, finance, retail, and government to show how different organizations made their inventories practical, measurable, and effective. Spoiler alert – none of them needed a fancy tool to get started.

How to Conduct a Data Asset Inventory

In the second portion of the webinar, I focused on the “how” with five key steps – each simple, each effective, and each rooted in what already exists in your organization. First, define the scope. Don’t try to boil the ocean. Start with a domain, a department, or a use case. Decide what counts as a “data asset” – Is it structured, unstructured, and/or semi-structured data? Does it include spreadsheets, dashboards, APIs, or tables? (Hint: it’s all of the above if they provide business value.) The key is to be intentional and focused.

Then engage the right people. Data doesn’t manage or govern itself (Hint: metadata does not govern itself either), but someone already does – whether they realize it or not. You’re not assigning new work; you’re recognizing existing accountability. Ask who defines, produces, and uses the data. These are your stewards. Ask who is responsible for making decisions about the data. These potentially are your owners (not my favorite term because of what it implies). Use this opportunity to start building relationships that will carry your governance program forward.

After that, it’s time to document. Keep it simple. Excel, SharePoint, or a homegrown tool will work just fine. Capture the essentials: source, business use, owner, sensitivity, classification. Don’t aim for perfection – aim for progress. Validate what you’ve captured with the people closest to the data and enrich it over time. And finally, make it actionable. Link your inventory to policies, communicate access restrictions, and ensure there are review cycles so the inventory becomes a living tool – not a one-time exercise.

Tools and Techniques Make Inventory Easier

You don’t need to spend a fortune to build a useful inventory – but there are tools that can help you scale and sustain it. The third portion of the webinar covered how to work smarter, not harder. Commercial data catalogs like Alation, Collibra, and Informatica can automate scanning and indexing assets. They can also connect your inventory to stewardship roles, data quality rules, and governance workflows.

Metadata harvesting is another smart strategy. Tools or scripts can extract metadata directly from systems – saving time and reducing human error. Business glossaries and dictionaries can feed into your inventory, giving structure and clarity to your assets. And if you want to keep things business-user-friendly, role-based stewardship portals provide self-service interfaces to keep metadata fresh and accessible.

The takeaway here was that templates and cycles matter just as much as tools. A standardized inventory template gives your contributors confidence and consistency. And periodic review cycles ensure your inventory stays relevant. I shared some ideas on setting up quarterly reviews, using business events as triggers, and embedding inventory updates into existing governance forums. That’s how you build sustainability – through rhythm, not reinvention.

Aligning Inventory with Governance Goals

If your inventory doesn’t support business value, it’s just a spreadsheet. In the next section of the webinar, I explained how to connect the dots between your inventory and your governance strategy. Start by making business impact part of the documentation – what value does each asset provide? Who uses it and how? Is it linked to a process, a customer experience, or a compliance requirement? Make the “why” visible in your inventory.

Governance is all about accountability, and the inventory is your accountability map. Tag assets with their owners and stewards. Clarify who’s responsible for data quality, access, and compliance. And here’s a pro tip: don’t invent new roles – align with the ones that already exist. Teach people what they’re already doing, then give them support to do it better.

The inventory should also be your governance engine. Use it to identify gaps, improve policy alignment, and inform data decisions – especially for things like system decommissioning or AI enablement. I emphasized how inventory insights can drive action. Want to rationalize your data sources? Start with the inventory. Want to focus stewardship resources? Start with the inventory. Want to prove your governance value? You guessed it – start with the inventory.

What Organizations Are Getting Right

The final segment of the webinar shared real-world success stories across industries – and here is the good news … every organization started small. In healthcare, the inventory led to improved clinician access and audit readiness. In financial services, it helped streamline global governance and meet regulatory needs. In retail, it enabled real-time insights and personalized marketing. In government, it helped meet transparency mandates and improve public trust.

Each example had a few things in common … they focused on value, they formalized what was already happening, and they tied their efforts to real business outcomes. None of them waited for the perfect tool or team – they got started with what they had and made governance visible and valuable.

Conclusion

So, if you’re still asking how to conduct a data asset inventory, let me flip the question one more time: why wouldn’t you? The inventory isn’t the end – it’s the beginning. The clearer your picture of your data, the clearer your path to governance success. And if you missed the webinar? That’s what the replay is for.

An effective data asset inventory isn’t about perfection – it’s about progress. It’s a smart way to bring clarity, accountability, and consistency to your data environment without disrupting how work is already done. The insights gained can lead directly to improved reporting, stronger decision-making, and better alignment across your teams – making the inventory a worthwhile and strategic effort in any organization.

The data won’t govern itself. But if you take inventory, you’ll know where to start.

Image licensed from Adobe Stock (#1067346708)

Non-Invasive Data Governance® is a registered trademark of Robert S. Seiner and KIK Consulting & Educational Services

Copyright © 2025 – Robert S. Seiner and KIK Consulting & Educational Services