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 Insights Dashboard](https://tability-templates-v2.vercel.app/_next/static/media/tability-insights-board.e70f9466.png)
Tip #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 Insights Dashboard](https://tability-templates-v2.vercel.app/_next/static/media/checkins-graph.b2aec458.png)
Tip #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.
![A strategy map in Tability](https://tability-templates-v2.vercel.app/_next/static/media/tability_strategy_map.2ad25843.png)
If 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.