Innovation and leadership in Mexico: what to expect from a business future shaped by technological advances

The advent of innovative technologies such as artificial intelligence (AI) is revolutionizing the business landscape, compelling businesses to align their strategies with the most disruptive trends. In fact, 38% of Mexican companies have already integrated AI into their management processes. This was a major topic at a recent event held at BBVA Spark Space in Monterrey, a prominent meeting point for the local entrepreneurial community, where experts discussed how these trends are shaping the corporate horizon in Nuevo León. 

The event was inaugurated by Iván Rivas, Secretary of Economy of the State of Nuevo León, who highlighted the region’s economic environment and the efforts being made to promote industrial innovation through key programs like Innovative SMEs, which provide economic support for implementing innovation projects among small and medium enterprises.

Another key element driving this advancement is international collaborations between countries and companies. This was precisely emphasized by Gabriel Mayagoitia Fragoso, Vice President of the Northern Delegation of the Spanish Chamber of Commerce in Mexico, who underscored how such alliances “enable knowledge and resource sharing,” accelerating the development of new technologies. 

The future of business is evolving towards sustainability and digitalization

The event also featured a roundtable discussion on leadership and technology titled “Exploring the Future of Business,” moderated by Pedro Moneo, CEO of the innovation consultancy Opinno, and comprised of business executives from the country.

Technology is advancing at a rapid pace, rendering what was valid a few years ago potentially obsolete today. Therefore, there was a strong emphasis during the discussion on the need to develop leadership capable of adapting to these changes and making strategic decisions that, in some cases, drive new business models forward.

“The new CEO must work to foster an environment where innovation thrives. That has been our focus all these years,” emphasized Juan Carlos Riojas, CFO of Iconn, a Mexican company that includes well-known brands such as the 7-Eleven store chain and Petro Seven fuel operations.

One significant change is the firm commitment to sustainability, an increasingly important aspect driven by both the growing demand for new legislation and the need to develop businesses that are committed to the planet. “Ultimately, we aim for many of these sustainability initiatives to also impact our business. One example is our HEB Fresh line, offering fresh products at an affordable cost before they spoil,” highlighted Gerardo Ayala, spokesperson for the H-E-B Mexico supermarket chain.

Another crucial factor for the future of businesses is the progressive digitization of products and services, offering advantages such as reduced bureaucracy and streamlined processes. These transformations are evident in healthcare, a sector with significant potential to positively impact society through advancements like electronic medical records. “This allows us to have all patient information and medical history available when they arrive at our hospitals, eliminating the need to carry this data around. It’s a challenge even at the state level,” affirmed Juan Montalvo, IT Director and CIO of Christus Muguerza, a private non-profit provider of healthcare services with Catholic affiliation and a pioneering force in this technology in Mexico.

Collaboration as a path to innovation

“Across the globe, people are asking how to access these new ideas that are spreading faster than ever and can emerge from any country or sector. What are your plans for this?” With this question, Pedro Moneo opened another major topic discussed during the roundtable. In a context where there are various avenues to drive innovation and access new ideas, it is increasingly complex to identify where to turn to nurture them.

Juan Carlos Riojas, spokesperson for Iconn, shared his perspective: “We have to acknowledge that we can’t come up with all the innovation or ideas ourselves. Therefore, we need to be open to ecosystems and promote this openness.” Sometimes, seeking support outside the company is necessary to foster innovation. One such option is hackathons, short events where programmers gather to develop disruptive technologies. “In our first hackathon, we invited young people who, besides being consumers, understand much better than us how to apply these technologies to our business models,” Juan Carlos Riojas stated.

In fact, Grupo Lamosa, a company dedicated to manufacturing and selling construction products, has shown a strong commitment to innovation through NEXT, its division for open innovation and corporate venture capital. “We saw an opportunity to start collaborating with the entrepreneurial ecosystem, partly because we also need to be humble and accept that we cannot have experts in every new technology that emerges,” noted Alexis Pérez, Strategic Planning Manager at Grupo Lamosa.

He further explained that this approach has allowed them to discover solutions to become more sustainable: “We found a startup proposing a system to recover water from atmospheric humidity. Initially, I didn’t think it would help us, but then we began to understand the technology and how it could be integrated into our production process.”

From implementing emerging technologies to emphasizing collaboration and sustainability, the discussions held at BBVA Spark in Monterrey reviewed essential elements for companies in Nuevo León to remain competitive and resilient soon. These are lessons that can also be shared by companies in other regions.