This study investigates barriers that prevents manufacturing firms from converting data assets into economic value. Based on the survey of the 287 enterprises in Ningbo, China, the analysis examines three interconnected factors: data governance costs, technology adoption risks, and benefit distribution clarity. According to the above results, the governance cost and adoption risk of small and medium-sized enterprises are relatively high, and vague distribution rules have weakened cooperation at all levels of the enterprise. Significant differences have been found between the large and small-sized enterprises in all the above indices. Based on the above research, we have suggested several plans to control costs, manage risks and regulate rules in a transparent way.