Franchise Euphoria Breaking Down Data Warehousing with Nathan McMurtrey
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