What is the best way to approach the structuring of inventory data?

Hi Folks,

I am starting work on defining an XML vocabulary for some inventory data. 

My inventory includes data such as the count of the number of aircraft at each airport, the count of the number aircraft ground refuelers at each airport, and so forth.

What is the best way to proceed?

My thinking is that the first step should be to create a taxonomy. Then define a structure which reflects that taxonomy.

Is that the best way to proceed?

Do you have experience with structuring inventory data? If so, how did you proceed?

/Roger