OKR template to successfully transition majority of vendors to ACH payments
This OKR aims to switch the majority of vendors to Automated Clearing House (ACH) payments. The first objective involves identifying and prioritizing the top 50% of vendors for the switch in the third week. This involves the creation of a comprehensive vendor list, allocation of switching priority to the top half, and vendors categorization based on their payment volume.
The second objective is to achieve a 50% conversion rate amongst the identified vendors by the sixth week. This objective will need the development of a compelling presentation highlighting the benefits vendors stand to gain, scheduling and conducting effective meetings with these vendors, and consistent follow-ups.
The third objective is to verify and establish ACH payment methods for an additional 30% of vendors by the ninth week. This would entail contacting vendors to gather necessary ACH setup information, identifying the vendors that do not have ACH payments set up yet, and inputting the received vendor information to establish the ACH payment method.
The overall goal is to integrate the majority of vendors into using ACH payments, easing transaction processes and improving the financial operations of the firm. By implementing this OKR, the company is assuring that the process is planned, well-organized, and executed within a given timeframe.
The second objective is to achieve a 50% conversion rate amongst the identified vendors by the sixth week. This objective will need the development of a compelling presentation highlighting the benefits vendors stand to gain, scheduling and conducting effective meetings with these vendors, and consistent follow-ups.
The third objective is to verify and establish ACH payment methods for an additional 30% of vendors by the ninth week. This would entail contacting vendors to gather necessary ACH setup information, identifying the vendors that do not have ACH payments set up yet, and inputting the received vendor information to establish the ACH payment method.
The overall goal is to integrate the majority of vendors into using ACH payments, easing transaction processes and improving the financial operations of the firm. By implementing this OKR, the company is assuring that the process is planned, well-organized, and executed within a given timeframe.
Successfully transition majority of vendors to ACH payments
Identify and prioritize upper 50% of vendors for ACH conversion by week 3
Compile a list of all vendors currently in payment rotation- Allocate priority for ACH conversion to top 50% vendors
- Categorize vendors based on payment volume
- Achieve a 50% conversion rate amongst identified vendors by week 6
- Develop a compelling presentation for vendor benefits
- Schedule and conduct effective vendor meetings
- Follow up regularly with targeted vendors
- Verify and establish ACH payment method for an additional 30% of vendors by week 9
- Contact vendors to gather ACH setup information
- Identify vendors not set up with ACH payments
- Input vendor information to establish ACH