Chief information officers (CIOs) have been warned that failure to take a stronger role in fostering an information-centric culture in their organisations is resulting in poor decision-making, falling profits and low productivity.

A report by consultancy Capgemini and the London Business School found that weak information cultures are endemic in UK firms. Interviews with senior executives at a third of FTSE 350 companies revealed that the failure to exploit information assets was costing UK firms £46bn each year in lost opportunities.

And while IT leaders have delivered the underpinning technology, they must now take a lead in fostering an information culture. “If you give someone the tools but don’t [create the right] culture around that, they won’t want to, or know how to, share information properly,” said Ramesh Harji, head of intelligent enterprise at Capgemini.

Eighty per cent of respondents identified the importance of exploiting information effectively as a driver for first-class business performance. Yet nearly two-thirds of chief executives said that every day they faced crucial decisions without the correct information.

The report recommended firms train their staff in how to share information effectively, and also to work towards creating a culture where information is treated as a business asset and not just the priority of IT. But it also highlighted that business leaders and CIOs play a key role in driving through this kind of change.

"Often information is an afterthought, especially for IT, but putting information at the heart of how you define and do business is important," said Harji. "If the CIO doesn't do it the CFO or someone else in the business will pick up the mantle."

However, organisations would also do well to consider investing more in initiatives and technologies to improve their data quality, according to Michael Cullen, partner at consultancy Deloitte.

"While everything the report is saying is correct, you can talk about information until the cows come home but you won't get anywhere unless you sort out your data first," he argued. "Most organisations recognise their data problems but not all are investing to sort it out, although you can unlock loads of value out of it."