5 customisable OKR examples for Collection Process
What are Collection Process OKRs?
The Objective and Key Results (OKR) framework is a simple goal-setting methodology that was introduced at Intel by Andy Grove in the 70s. It became popular after John Doerr introduced it to Google in the 90s, and it's now used by teams of all sizes to set and track ambitious goals at scale.
Writing good OKRs can be hard, especially if it's your first time doing it. You'll need to center the focus of your plans around outcomes instead of projects.
We have curated a selection of OKR examples specifically for Collection Process to assist you. Feel free to explore the templates below for inspiration in setting your own goals.
If you want to learn more about the framework, you can read our OKR guide online.
Building your own Collection Process OKRs with AI
While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI generator below or our more complete goal-setting system to generate your own OKRs.
Our customisable Collection Process OKRs examples
You will find in the next section many different Collection Process Objectives and Key Results. We've included strategic initiatives in our templates to give you a better idea of the different between the key results (how we measure progress), and the initiatives (what we do to achieve the results).
Hope you'll find this helpful!
1. OKRs to enhance the efficiency and effectiveness of billing and collection process
Enhance the efficiency and effectiveness of billing and collection process
Increase billing accuracy to 98% by reducing system or process errors
Conduct regular accuracy audits for all transactions- Provide ongoing training for billing staff
- Implement a digital invoice verification system
- Achieve 10% reduction in overdue receivables through consistent follow-ups
- Implement a structured follow-up policy for all outstanding invoices
- Automate reminders for overdue receivables
- Train staff in effective collection communication strategies
- Implement an automated reminder system to increase on-time payments by 15%
- Research popular automated reminder systems on market
- Train staff on how to use this system
- Select and purchase appropriate reminder system software
2. OKRs to boost our premium collection rate next quarter
- Boost our premium collection rate next quarter
- Reduce premium payment late instances by 15% by enhancing reminder protocols
- Implement automated email reminders for premium payment due dates
- Introduce a mobile app with push notification reminders
- Set up text message alerts for upcoming payments
- Achieve a 10% increase in premium collections by improving payment processing system
- Research and incorporate more payment options
- Implement more efficient automated systems for payment collection
- Train staff on improved payment processing procedures
- Attain a 5% rise in premium upgrades through targeted promotional campaigns
- Identify demographics most likely to upgrade premium services
- Examine campaign analytics and adjust as necessary
- Develop a targeted promotional campaign for identified demographics
3. OKRs to minimize overdue 90-day balances
- Minimize overdue 90-day balances
- Improve the efficiency of the collection process to shorten payment durations by 20%
- Implement automated reminders for pending payments
- Apply a standardized collection process across all departments
- Offer incentives for early payment to clients
- Implement a 25% increase in debt recovery from the first month of operations
- Monitor and adjust strategies as needed
- Identify key areas causing low debt recovery rates
- Develop and implement enhanced debt recovery strategies
- Decrease the total number of 90-day balance accounts by 35%
- Introduce incentives for early or on-time payments
- Implement stricter criteria for granting credit accounts
- Analyze account payment patterns to identify consistent delays
4. OKRs to streamline accounts receivable operations
- Streamline accounts receivable operations
- Increase collection rates by 25%
- Implement an advanced collection management software system
- Train staff on effective collection strategies
- Incentivize timely payments with discounts
- Reduce invoice processing time by 30%
- Streamline invoice approval processes
- Train staff on efficient invoice management
- Implement automated invoice processing software
- Decrease outstanding payments by 40%
- Implement quicker invoice processing system
- Review and update current payment follow-up procedures
- Negotiate payment plans with delinquent customers
5. OKRs to improve efficiency & accuracy of invoice monitoring
- Improve efficiency & accuracy of invoice monitoring
- Decrease outstanding invoices by 30%
- Automate invoice reminders for clients
- Implement a more proactive approach in collecting debts
- Offer discounts for early payment of invoices
- Increase the number of invoices processed per hour by 15%
- Delegate more personnel to invoice processing tasks
- Train staff on speed-accuracy balance in invoicing
- Implement a digital system for faster invoice processing
- Reduce invoice processing errors by 20%
- Implement automated invoice verification software
- Improve data entry processes and checks
- Train staff specifically on invoice accuracy
Collection Process OKR best practices to boost success
Generally speaking, your objectives should be ambitious yet achievable, and your key results should be measurable and time-bound (using the SMART framework can be helpful). It is also recommended to list strategic initiatives under your key results, as it'll help you avoid the common mistake of listing projects in your KRs.
Here are a couple of best practices extracted from our OKR implementation guide 👇
Tip #1: Limit the number of key results
The #1 role of OKRs is to help you and your team focus on what really matters. Business-as-usual activities will still be happening, but you do not need to track your entire roadmap in the OKRs.
We recommend having 3-4 objectives, and 3-4 key results per objective. A platform like Tability can run audits on your data to help you identify the plans that have too many goals.
Tability's audit dashboard will highlight opportunities to improve OKRsTip #2: Commit to weekly OKR check-ins
Don't fall into the set-and-forget trap. It is important to adopt a weekly check-in process to get the full value of your OKRs and make your strategy agile – otherwise this is nothing more than a reporting exercise.
Being able to see trends for your key results will also keep yourself honest.
Tability's check-ins will save you hours and increase transparencyTip #3: No more than 2 yellow statuses in a row
Yes, this is another tip for goal-tracking instead of goal-setting (but you'll get plenty of OKR examples above). But, once you have your goals defined, it will be your ability to keep the right sense of urgency that will make the difference.
As a rule of thumb, it's best to avoid having more than 2 yellow/at risk statuses in a row.
Make a call on the 3rd update. You should be either back on track, or off track. This sounds harsh but it's the best way to signal risks early enough to fix things.
How to turn your Collection Process OKRs in a strategy map
Your quarterly OKRs should be tracked weekly in order to get all the benefits of the OKRs framework. Reviewing progress periodically has several advantages:
- It brings the goals back to the top of the mind
- It will highlight poorly set OKRs
- It will surface execution risks
- It improves transparency and accountability
Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKR platform to make things easier.
Tability's Strategy Map makes it easy to see all your org's OKRsIf you're not yet set on a tool, you can check out the 5 best OKR tracking templates guide to find the best way to monitor progress during the quarter.
More Collection Process OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to enhance our company's overall sustainability management practices
- OKRs to organize and maintain an efficient personal file
- OKRs to enhance proficiency in managing administrative tasks and assigned duties
- OKRs to implement disaster recovery plan with RTO under one hour
- OKRs to achieve a minimum 85% score in English
- OKRs to launch a successful MVP
OKRs resources
Here are a list of resources to help you adopt the Objectives and Key Results framework.
- To learn: What is the meaning of OKRs
- Blog posts: ODT Blog
- Success metrics: KPIs examples
What's next? Try Tability's goal-setting AI
You can create an iterate on your OKRs using Tability's unique goal-setting AI.
Watch the demo below, then hop on the platform for a free trial.