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tability.ioWhat are Cost Effectiveness 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 Cost Effectiveness 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.
Cost Effectiveness OKRs examples
You will find in the next section many different Cost Effectiveness 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 acquire cost-effective new media for Wallop
ObjectiveAcquire cost-effective new media for Wallop
KRNegotiate at least 30% reduction in costs with 3 existing media vendors
Conduct negotiation meetings with vendors- Draft proposal for 30% cost reduction
- Identify top three media vendors for negotiation
- KRImprove internal media procurement processes to reduce acquisition costs by 20%
- Train staff on cost-effective procurement strategies
- Implement centralized purchasing to streamline buying process
- Negotiate bulk rates with preferred media vendors
- KRIdentify and establish partnerships with 5 new low-cost media providers
- Research potential low-cost media providers in the market
- Evaluate options based on cost, services and reputation
- Reach out and establish contracts with chosen providers
OKRs to improve efficiency and effectiveness in facilities management
- ObjectiveImprove efficiency and effectiveness in facilities management
- KRAchieve 90% satisfaction rate in employee facilities survey
- Implement updates and improvements based on feedback
- Conduct an initial survey to gauge current satisfaction levels
- Regularly communicate improvements to employees
- KRReduce maintenance response time by 15%
- Implement an automated maintenance request tracking system
- Increase maintenance staff availability
- Train techs on response time reduction strategies
- KRDecrease facilities-related expenses by 10%
- Regularly maintain and repair equipment to avoid costly replacements
- Implement energy-efficient lighting and heating systems
- Negotiate lower rates with utilities providers
OKRs to enhance the effectiveness of our performance marketing strategies
- ObjectiveEnhance the effectiveness of our performance marketing strategies
- KRReduce cost per click by 10% by refining ad targeting
- Assess and improve ad quality and relevance
- Apply demographic and geographic targeting
- Identify and focus on top-performing keywords
- KRIncrease conversion rate by 15% through targeted campaigns
- Develop personalized marketing campaigns for target groups
- Analyze customer data to identify potential target groups
- Monitor and adjust campaigns based on performance
- KRImprove return on ad spend by 20% by optimizing marketing budget allocation
- Allocate more budget to high-performing advertising channels
- Continually monitor and readjust marketing spend
- Analyze past advertising campaign data for successful strategies
OKRs to implement proficient regulatory modifications for cost and time efficiency
- ObjectiveImplement proficient regulatory modifications for cost and time efficiency
- KREstablish training framework for quick adaptation to new regulations for 80% of staff
- Implement training for 80% of staff
- Identify key areas influenced by new regulations
- Develop versatile training modules
- KRDecrease regulatory change expenses by 15% using efficient processes
- Streamline approval processes for quicker decision-making
- Invest in employee training on efficiency methods
- Implement modern regulatory change tracking software
- KRAchieve 20% reduction in regulatory change execution time
- Streamline approval and revision protocols
- Implement automated systems for regulatory change processes
- Train team on fast decision making and efficiency
How to write your own Cost Effectiveness 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.
Cost Effectiveness 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 Cost Effectiveness OKRs
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.
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 Cost Effectiveness OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to amplify brand popularity and reach across all digital platforms
- OKRs to enhance quality assurance abilities and efficiency within team members
- OKRs to boost customer base and broaden our market influence
- OKRs to innovate healthcare to improve human well-being
- OKRs to enhance the product management skills of our team
- OKRs to drive an effective agile transformation for all team operations