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tability.ioWhat are Contract Management 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 Contract Management 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.
Contract Management OKRs examples
You will find in the next section many different Contract Management 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!
OKRs to achieve full contract coverage
ObjectiveAchieve full contract coverage
KRDevelop and implement strategies to cover 50% of uncovered contracts by week 6- KRObtain full coverage for all identified contracts by week 12
Finalize and obtain coverage for all contracts by week 12- Review and identify all existing contracts by week 9
- Start requesting full coverage quotes by week 10
- KRIdentify and list all contracts lacking coverage by week 2
OKRs to optimize energy efficiency program vendor management and contracts
- ObjectiveOptimize energy efficiency program vendor management and contracts
- KRIncrease vendor punctuality for deliverables by 30% to improve program efficiency
- Implement strict delivery deadlines for all vendors
- Set up early warning systems for late deliveries
- Regularly monitor and enforce vendor compliance
- KRAchieve a 25% decrease in energy usage across all managed programs
- Implement an energy management software across all programs
- Conduct regular energy audits and efficiency assessments
- Educate staff about energy conservation strategies
- KRReduce contract-related disputes by 40%, fostering better relationships
- Implement clear communication about contract terms with all parties involved
- Conduct regular reviews and amendments of contracts for accuracy
- Introduce mandatory dispute resolution training for contract managers
OKRs to achieve efficiency in contract reviews and legal cost reduction
- ObjectiveAchieve efficiency in contract reviews and legal cost reduction
- KRImplement automated legal tech tools to assist with contract reviews
- Select and purchase a suitable automated contract review software
- Train the team to use the selected tech tools effectively
- Research various automated legal tech tools available in the market
- KRNegotiate or reassess fees with legal service providers for 15% cost reduction
- Initiate negotiation meetings with each provider
- Research market rates for comparison in negotiations
- Identify current legal service providers and review contract details
- KRDecrease average contract review time by 50%
- Train staff on efficient contract reviewing techniques
- Implement automation tools to expedite contract review process
- Streamline the contract review workflow
OKRs to streamline contract administration procedures for enhanced efficiency
- ObjectiveStreamline contract administration procedures for enhanced efficiency
- KRCut contract errors by 15% through system automation and validation checks
- Implement systematic automation processes in contract creation
- Regularly review and improve existing automation processes
- Establish rigorous validation checks for contract accuracy
- KROversee a 30% reduction in contract processing time via system improvements
- Implement, monitor, and adjust improvements as necessary
- Identify inefficiencies in the current contract processing system
- Develop strategic plan for system improvements
- KRImplement training programs to improve team's productivity by 25%
- Schedule and conduct regular team training sessions
- Develop a productivity-boosting training program
- Identify areas where the team's productivity can be improved
OKRs to successfully optimize a contract operations project
- ObjectiveSuccessfully optimize a contract operations project
- KRImplement optimizations in top-priority area and achieve 20% efficiency increase
- Monitor and ensure 20% efficiency increase
- Develop and implement efficiency improvement strategies
- Identify top-priority area requiring optimization
- KRIdentify and prioritize 5 potential areas for improvement by end of Week 3
- Rank the areas based on urgency and potential impact
- Identify 5 areas in need of improvement within the operations
- Analyze the importance and impact of each area
- KRDocument the optimization process with insights to guide future projects
- Create a guide based on insights for future projects
- Analyze and record insights gained from the optimization
- Document all steps taken during process optimization
OKRs to establish robust security controls for DHS/ATO and NATO contracts
- ObjectiveEstablish robust security controls for DHS/ATO and NATO contracts
- KRConduct quarterly maintenance on all the security controls and document findings
- Document observations and any maintenance executed
- Review all security control systems thoroughly
- Perform necessary maintenance on security controls
- KRImplement 5 new security measures aligned with DHS/ATO requirements by a 100%
- Identify potential security measures that align with DHS/ATO requirements
- Implement and test the newly identified security measures
- Review existing security measures for any DHS/ATO non-compliance
- KRAchieve zero security breaches related to the NATO contracts information
- Implement strong encryption on all NATO-related digital communication
- Train staff in counter-intelligence and data protection practices
- Regularly perform rigorous security audits and fix vulnerabilities
OKRs to broaden understanding of royalty components in contracts
- ObjectiveBroaden understanding of royalty components in contracts
- KRComplete an advanced course on contract royalty structures by the end of Q2
- Research and select an advanced contract royalty course
- Take course exams and complete course work
- Enroll in chosen course and schedule study times
- KRConduct informative discussions with 3 expert lawyers on contractual royalties
- Schedule and conduct informative discussions with each lawyer
- Identify and reach out to 3 expert lawyers in contractual royalties
- Prepare comprehensive questions about contractual royalties
- KRAnalyze and comprehend 20 past contracts with differing royalty conditions
- Summarize findings for applicable learning points
- Identify the varying royalty conditions in each
- Organize and review 20 past contracts for evaluation
OKRs to secure renewal of OnPoint clients with updated agreement
- ObjectiveSecure renewal of OnPoint clients with updated agreement
- KRAchieve a 95% satisfaction rate among clients renewing their contracts
- Conduct regular customer satisfaction surveys and improve upon feedback
- Initiate loyalty programs that add value to contracts
- Boost customer service quality and response times
- KRFinalize Managed Services Agreement details for all renewals by mid-quarter
- Confirm all agreements by the designated time
- Review all Managed Services Agreement renewal details
- Update any necessary agreement terms
- KRPersuade 70% of current clients to renew under the new pricing within the quarter
- Create a persuasive presentation highlighting benefits of new pricing plan
- Schedule phone consultations to discuss individual concerns
- Offer limited-time incentives for early renewal
How to write your own Contract Management OKRs
1. Get tailored OKRs with an AI
You'll find some examples below, but it's likely that you have very specific needs that won't be covered.
You can use Tability's AI generator to create tailored OKRs based on your specific context. Tability can turn your objective description into a fully editable OKR template -- including tips to help you refine your goals.
- 1. Go to Tability's plan editor
- 2. Click on the "Generate goals using AI" button
- 3. Use natural language to describe your goals
Tability will then use your prompt to generate a fully editable OKR template.
Watch the video below to see it in action 👇
Option 2. Optimise existing OKRs with Tability Feedback tool
If you already have existing goals, and you want to improve them. You can use Tability's AI feedback to help you.
- 1. Go to Tability's plan editor
- 2. Add your existing OKRs (you can import them from a spreadsheet)
- 3. Click on "Generate analysis"
Tability's Strategy Map makes it easy to see all your org's OKRsTability will scan your OKRs and offer different suggestions to improve them. This can range from a small rewrite of a statement to make it clearer to a complete rewrite of the entire OKR.
You can then decide to accept the suggestions or dismiss them if you don't agree.
Option 3. Use the free OKR generator
If you're just looking for some quick inspiration, you can also use our free OKR generator to get a template.
Unlike with Tability, you won't be able to iterate on the templates, but this is still a great way to get started.
Contract Management OKR best practices
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.
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.
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 track your Contract Management OKRs
The rules of OKRs are simple. Quarterly OKRs should be tracked weekly, and yearly OKRs should be tracked monthly. 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
We recommend using a spreadsheet for your first OKRs cycle. You'll need to get familiar with the scoring and tracking first. Then, you can scale your OKRs process by using a proper OKR-tracking tool for it.
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 Contract Management OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to optimize talent acquisition and management processes
- OKRs to cultivate an environment encouraging autonomy, entrepreneurial spirit and swift decision-making
- OKRs to increase value proposition for a staff training videogame development company
- OKRs to foster an atmosphere of transparency and trust
- OKRs to enhance visibility and recognition of our brand
- OKRs to develop an authoritative business legal guide