Thursday, November 30, 2023

These are the 5 biggest challenges Mexican companies see

The global economic scenario, the entry of new competitors, whether local or global, and political uncertainty lead the top 5 of the main external challenges that Mexican companies consider they will face in next three years.

The list is completed by changes in consumer demand and purchasing patterns, as well as the inclusion of constantly changing disruptive technologies.

The list was made after a regional consultation, in which executives from 18 countries in the region, including Mexico, participated.

At the regional level, the global economic scenario is also the main challenge that managers see in the next 3 years, although the second biggest challenge is considered to be political uncertainty and, the third biggest challenge, the entry of new competitors.

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Regarding internal challenges, Mexican organizations consider that the biggest challenge in the next three years is to improve operations, productivity and costs, followed by market share growth and technology and digital transformation .

The fourth and fifth biggest challenges seen by managers in Mexican organizations are customer experience and service quality, as well as innovation.

At the regional level, according to the consultation carried out by EY, the top 5 main internal challenges are led by technology and digital transformation, followed by market share growth; improving operations, productivity and costs; business strategy and innovation; and new products and services.

Manuel Solano, Lead Partner of EY Latin America and general director of EY Mexico, stated that “Latin American companies will face economic challenges and political changes in the coming years, in local and international.”

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However, he explained that after 3 years since the start of the pandemic, companies feel better prepared to face the ups and downs of the market.

And according to the results of the consultation, 64% of the managers surveyed in Mexico consider that their company has an appropriate business model to meet the current situation and future challenges.

In addition, the majority of Mexican entrepreneurs also consider that the current situation of their company is evolving in the new reality and implementing strategies or business models in the new normal (40%), while 37% considers it a time of acceleration and growth, taking advantage of new opportunities.

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To visualize the direction that organizations will take to face the challenges ahead, managers were asked what they consider to be the global trends for their industry in the next three years.

Both at the Mexican level and at the regional level, the focus on innovation is seen as the main aspect, according to the response of 7 out of 10 managers consulted.

Nation World News Desk
Nation World News Desk
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