The adoption of learning analytics (LA) in higher education institutions (HEIs) in Mexico is still at an early stage despite increasing global interest and advances in the field. The use of educational data remains a challenging puzzle for many universities, which strive to provide students, teachers, and institutional administrators with information and insights to better understand their performance. The objective of this study was to identify the perspectives of teachers, students, and administrators about the use of educational data to explore opportunities for the adoption and integration of LA in three different Mexican universities. A qualitative approach was used, adopting instruments and guidelines previously developed in the framework of Learning Analytics for Latin America (LALA) project, adapting them to the Mexican context. Methods included (1) structured interviews with high-level institutional administrators and (2) focus groups with students, teachers, and other educational administrators. Results showed that perceptions are oriented toward improving school performance through data-based feedback, with ethical responsibility. Emergent categories were physical and mental health, development of healthy relationships and well-being, feedback style, and governance in a bureaucratic setting. The specific modern construct of LA still needs to be internalized and disseminated to Mexican universities' educational stakeholders to increase the likelihood of successful adoption.