Nathan McMurtrey is an accountant turned data warehouse savant. Nate started his career in 2004 as an accountant. Along his way, Nate encountered a mentor who introducing him to data warehousing and business intelligence. He instantly realized that he’d found his true calling--helping businesses use their data to make better decisions.
In 2012, Nathan saw his opportunity to go beyond consulting and towards offering a fully-managed data warehouse. Nate and his partner decided to bootstrap their new businesses with money from consulting. So over the next two years they put in 80+ hour work weeks; finally, in 2014 Nate and his partner had enough cash to officially launch their done-for-you data warehouse and Xerva was born!
Key Takeaways:
[0:22] Today’s episode of Franchise Euphoria is brought to you by The Franchise 5 university program. Head over to franchiseeuphoria.com/franchise5 to learn more!
[1:01] Josh introduces today’s guest, Nathan McMurtrey, from the online data warehouse, Xerva.
[2:31] Josh welcomes Nathan to Franchise Euphoria.
[3:36] Nathan provides a quick overview of what “data warehousing” actually is. He uses a restaurant analogy to describe the different phases of data analytics and where their business falls into. He describes the data warehouse as the kitchen of data analytics.
[6:32] Data warehousing is really the first step in data analytics and is crucial in finding accurate, consistent reporting for franchises to then use this information in conjunction with marketing tools.
[9:16] Nathan describes himself and his business partner as outsiders coming in since their service is not traditionally within the franchising industry.
[12:18] Nathan has found that some of the most complicated data issues can be found within the franchise space considering that the franchise business model is so much more complex than a standard single-unit business or one a large chain that falls under the umbrella of one corporate owner.
[15:24] Data warehousing can assist with identifying several crucial metrics in the franchising industry, such as cost of acquisition, the cost it takes to acquire a new customer.
[17:29] Your data warehouse is essential the engine to the car – without it, your car would not be able to function, but it leads to the production of several key metrics for your business.
[21:04] Something you can do to better utilize your data is thinking through what the leading indicators of your business are and strategizing for how you can target those for success.
[23:30] If you want to learn more about Xerva, you can head over to their website, www.Xerva.com.
[24:04] Thanks for listening, and please, reach out to Josh anytime through email at josh@franchiseeuphoria.com. If you enjoyed this interview, please leave us a review on iTunes.
Mentioned in This Episode:
www.franchiseeuphoria.com/franchise5
