Turning Data into a Business Asset: Why Culture Can’t Be an Afterthought

Following a recent roundtable we co-hosted with FINBOURNE Technology, one theme kept resurfacing: while firms are investing heavily in new systems, processes, and tools to modernise their data operations, many still face barriers to unlocking real value. 

Take instrument classification as a simple but telling example. Different parts of the business – Investment, Compliance, Client Reporting – often need to view data through different lenses. Yet IT solutions frequently push a single classification structure as the “golden copy.” While this might meet technical requirements, it rarely reflects the broader needs of the business. It often leads to workarounds, fragmented data stores, and inconsistent mapping across teams. 

If the needs of the business had been prioritised over the requirements of the system, the solution might have looked very different. 

In our experience, one of the most overlooked, yet most critical, factors behind this kind of disconnect is culture. 

This article is the first in a short series exploring the key themes that emerged from those discussions, and the practical steps firms can take to strengthen their data operations and drive better outcomes.

We’ll be looking beyond technology to the underlying foundations that make real transformation possible, starting with the role of culture. 

Why Culture Can Make or Break Your Data Strategy 

Even the best systems can’t fix a culture where data is treated as someone else’s problem. 

In many firms, data still sits firmly in the IT domain and ownership is assumed rather than defined. Business teams engage with data only when something goes wrong. The result? 

1. Friction builds between the people who need the data and the people who manage it. 
2. Data priorities become disconnected from business objectives.
3. Technology teams are left to make decisions without consultation with the core Business teams. 

When culture isn’t addressed, even the best systems risk becoming expensive workarounds. A common consequence is that business users lose trust, not necessarily in the data itself, but in the systems they rely on to view it. Systems are the lens through which data is consumed, and when something looks wrong, users often blame the system, not the underlying input. Confidence erodes, adoption drops, and teams start building manual workarounds. Not only does this introduce risk and inefficiency, but it also undermines the very investment the business made in improving its data foundations.
 

What Successful Firms Do Differently 

The firms making real progress recognise data as a business-wide asset; something the whole organisation relies on, but with clear ownership and accountability to keep it trusted and useful.

Here’s what we see in those firms: 

• Clear accountability: Named ownership for key data domains – not assumed, but written into roles and KPIs. 

• Business-led priorities: Data strategies shaped by commercial outcomes, not technological constraints. 

• Cross-functional trust: Business, data, and technology teams collaborating around a shared view of success. 

• Leadership by example: Senior leaders reinforcing the importance of data quality in how they talk, measure, and reward performance. 

None of this happens by accident. It’s a deliberate choice made visible through consistent action. 

How to Embed a Culture of Accountability and Ownership for Data

Creating the right cultural foundations for data doesn’t have to be overwhelming. Often, it’s about small but deliberate changes that make a big difference: 

• Establish clear data ownership: Most firms already assign business owners to major systems as standard practice. But the same can’t be said for data domains. That needs to change. Data ownership should be explicitly defined, not assumed and embedded into day-to-day responsibilities. 

• Embed data into KPIs: Make good data management a formal part of the job, not an afterthought. When people are measured on it, they take it seriously. 

• Link data quality to business outcomes: Data shouldn’t be improved for its own sake. Show teams how poor data directly impacts client experience, reporting accuracy, operational efficiency, and commercial outcomes. When people see the ripple effect, they’re more motivated to get it right. 

• Invest in education: Not everyone needs to be a data expert, but everyone should understand how their role shapes the quality and usability of data. Ongoing education builds confidence, reduces risk, and helps embed a shared language around data. 

• Lead visibly: If data is truly a strategic priority, leaders need to act like it. That means referencing data in decision-making, celebrating good practice, and holding teams accountable. Leadership behaviour is one of the fastest ways to influence culture positively or negatively. 

Culture Isn’t the Whole Solution, But It’s Where Success Begins 

Culture alone won’t solve every data challenge.

Strong systems, good governance, and the right processes are still vital. But without a culture that treats data as a business-wide asset,  even the best technology will struggle to deliver lasting value. Firms that succeed are the ones that keep at it, treating cultural change as a continuous effort, not a project milestone. 

At Liqueo, we help firms turn that vision into reality. Our people have delivered successful data and transformation initiatives time and time again, bringing practical experience, real-world understanding, and a focus on making change stick. We know what it takes to strengthen cultures, improve operations, and create the foundations for lasting success. If you’re looking to build a stronger data foundation that delivers real outcomes, we’d love to start a conversation. Please get in touch. 

You can also read FINBOURNE’s whitepaper from the roundtable here.