6 customisable OKR examples for Contract Management Team
What are Contract Management Team 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 Team 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 Contract Management Team 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 Contract Management Team OKRs examples
You will find in the next section many different Contract Management Team 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 achieve full contract coverage
Achieve full contract coverage
Develop and implement strategies to cover 50% of uncovered contracts by week 6
Obtain 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
Identify and list all contracts lacking coverage by week 2
2. OKRs to achieve efficiency in contract reviews and legal cost reduction
Achieve efficiency in contract reviews and legal cost reduction
Implement 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
Negotiate 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
Decrease 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
3. OKRs to streamline contract administration procedures for enhanced efficiency
Streamline contract administration procedures for enhanced efficiency
Cut 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
Oversee 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
Implement 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
4. OKRs to successfully optimize a contract operations project
Successfully optimize a contract operations project
Implement 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
Identify 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
Document 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
5. OKRs to establish robust security controls for DHS/ATO and NATO contracts
Establish robust security controls for DHS/ATO and NATO contracts
Conduct 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
Implement 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
Achieve 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
6. OKRs to broaden understanding of royalty components in contracts
Broaden understanding of royalty components in contracts
Complete 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
Conduct 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
Analyze 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
Contract Management Team 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 Contract Management Team OKRs in a strategy map
OKRs without regular progress updates are just KPIs. You'll need to update progress on your OKRs every week to get the full benefits from the 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 Contract Management Team OKR templates
We have more templates to help you draft your team goals and OKRs.
OKRs to enhance the resolver team's incident resolution quality
OKRs to implement network DLP to limit disruption and data loss
OKRs to improve AI security requirements operationalization for developers’ comprehension
OKRs to enhance effective communication through counseling
OKRs to enhance security measures to mitigate OTP attacks
OKRs to develop a superior compensation and benefits package within budget constraints
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.