What is Data Inventory and why is it important?

Categories SRM

A data inventory is a complete record of the information resources kept up by an organisation. This is important for an organisation to gain an understanding of the data the it stores, identify an gaps/ risk and mitigate these risks in order to comply with the General Data Protection Regulation (GDPR).

The stock records essential data about an information resource such as: name, address, email address, etc. The insights regarding a dataset are known as metadata.

Since an organisation may have a great many datasets over numerous servers, databases, and PCs, it’s useful to limit which datasets ought to be remembered for the stock generally speaking and how to get ready for stock updates later on. The datasets worth reviewing are those which are viewed as resources for staff, customers, regulators or partners. Information resources can vary from individual datasets that are associated with structures that individuals round out, to incorporated databases that track an organisation’s activities in some way.

Why conduct a Data Inventory?

The advantage in conducting a data inventory is to ensure that you have an understanding of the value to your organisation’s information resources and metadata.

Comprehending what information your organisation gathers prompts effectiveness, and builds responsibility. It additionally facilitates an organisation in the analysis and enhancement of its data.

Conducting a data inventory or information stock decreases vulnerability by enabling an agenda for security and improves the capacity to assign responsibility for the nature of the information gathered and produced.

Similarly, as it is significant for organisations to comprehend what information they have, it’s similarly critical to recognise what information an organisation does not have. With a complete picture, organisations can start to gather and use this information to gain valuable insights and inform strategic decision making.

Dealing with an information stock is significant to better data sharing and incorporation and a manageable exhaustive open information program. Giving an open information stock will enable staff members to easily obtain data that they need from another division – they will realise what exists and how to discover it.

Having a total stock is additionally significant while figuring out which datasets to discharge freely. It’s not possible to discharge the entirety of an organisation’s open datasets without a moment’s delay, so decision-makers need a prioritisation system. The information stock can be utilized to organize the arrival of information as per key needs, open intrigue, and so on.

The most effective method to conduct an effective data inventory:

Stage 1: Establish an Oversight Authority

Conducting a data inventory or information stock across divisions requires coordination, oversight, and initiative. The initial step to leading stock is building up who will deal with the stock procedure. Oversight specialists can arrive in an assortment of shapes and measures and are frequently characterised in an organisation’s Data Policy. Some are driven by a Chief Data Officer (or comparable job), others influence existing venture information the board bodies, and others are working gatherings that incorporate open portrayal. While the expansiveness and profundity of information administration specialists can range to best suit your organisation’s needs, building up a reasonable power body to manage the information stock procedure is vital to progress. Without an information administration advisory group, you may wish to recognise a lead contact to cooperate with divisions and encourage this procedure.

Establishing an information administration board of trustees, or repurposing a current advisory group, is a discretionary step in effectively completing the data inventory or the stock procedure.

Stage 2: Determine the Data Inventory Scope and Plan

The oversight authority, for example, an information administration panel, ought to deal with the stock procedure by giving an unambiguous degree, cutoff times, execution measurements, and rules.

Degree: If the extension isn’t as of now characterised in your organisation’s Data Policy, the oversight authority ought to decide the extent of the information stock nearby. On the off chance that your organisation doesn’t as of now have an information stock set up, developing an organisation-wide far-reaching data inventory or information stock can run in trouble contingent upon what number of information resources your organisation oversees, how siloed those advantages are overseen, and your accessible ability to direct the stock. When characterizing the extent of the information stock, the oversight authority ought to think about the accompanying:

  • Any important information definitions or stock prerequisites that are remembered for your organisation’s Data Policy
  • Any administration records definitions illustrated in your nearby Records Management strategies (for example Recognize government datasets from non-record information and individual information notes)
  • All information resources
  • Vital need explicit resources
  • Individual departmental resources
  • Plan: the information stock arrangement.
  • Required Metadata
  • Cutoff times
  • Direction
  • Execution metrics

Stage 3: Catalog Data Assets as per Inventory Plan

Liaisons in every office must be listed and the information resources inside their areas of expertise must be depicted correctly. Contacts are representatives who are answerable for dealing with the stock procedure at the departmental/office level. The lead director of the information stock accumulates the individual division inventories into a bigger organisation-wide information stock. Inventories ought to be organized in the machine-intelligible arrangement (Spreadsheet, CSV, JSON, and so forth.)

Stage 4: Data Inventory Quality Checks

The information administration board of trustees builds up the degree to which the stock is made open.

Information administration boards of trustees can distribute significant level stock outlines that determine which datasets are to be distributed or stay unpublished.

Stage 5: Initiate Data Prioritisation Efforts

The information administration panel builds up the need and planning of the distribution of datasets depicted in the stock.

Distribution need can be set up in various manners:

  • Vital need explicit
  • Departmental needs
  • Open interest
  • Bits of knowledge from Data Inventorying Efforts

Key benefits of data inventory

The key benefit to an organisation conducting a data inventory is to effectively be able to highlight any gaps or risks that need to be mitigated in order for the organisation to protect itself and become compliant with the General Data Protection Regulation (GDPR).

Other benefits include:

  • enables an organisation to make sense of what information is being gathered (and if there is any duplication among offices)
  • enable an organisation to figure out what frameworks are being used and their investigation abilities
  • Creates transparent and enables organisations to create effective distribution plans