Tability is a cheatcode for goal-driven teams. Set perfect OKRs with AI, stay focused on the work that matters.
What are Cost Savings 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 Savings 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.
The best tools for writing perfect Cost Savings OKRs
Here are 2 tools that can help you draft your OKRs in no time.
Tability AI: to generate OKRs based on a prompt
Tability AI allows you to describe your goals in a prompt, and generate a fully editable OKR template in seconds.
- 1. Create a Tability account
- 2. Click on the Generate goals using AI
- 3. Describe your goals in a prompt
- 4. Get your fully editable OKR template
- 5. Publish to start tracking progress and get automated OKR dashboards
Watch the video below to see it in action 👇
Tability Feedback: to improve existing OKRs
You can use Tability's AI feedback to improve your OKRs if you already have existing goals.
- 1. Create your Tability account
- 2. Add your existing OKRs (you can import them from a spreadsheet)
- 3. Click on Generate analysis
- 4. Review the suggestions and decide to accept or dismiss them
- 5. Publish to start tracking progress and get automated OKR dashboards
Tability 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.
Cost Savings OKRs examples
You will find in the next section many different Cost Savings 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 implement cost savings/automation initiative
ObjectiveImplement cost savings/automation initiative
KRDevelop detailed implementation plan for chosen initiative by week 8
Identify objectives and deliverables of the chosen initiative- Assign roles and responsibilities related to the plan
- Develop comprehensive timeline for each task by week 8
- KRIdentify 3 potential areas for cost savings/automation by week 4
- Review current expenditures to identify key cost areas
- Analyse processes for potential automation
- Identify inefficiencies within procedures
- KRAchieve 10% cost reduction or time savings via the implemented initiative by week 12
- Set clear goals for the initiative focusing on cost reduction
- Adapt and improve strategies according to progress
- Regularly track and evaluate the initiative's performance
OKRs to streamline vendor management for efficient cost savings and digitalized P2P process
- ObjectiveStreamline vendor management for efficient cost savings and digitalized P2P process
- KRReduce vendor costs by 15% through negotiation and strategic sourcing
- Develop and implement strategic sourcing strategies with chosen vendors
- Identify all current vendor contracts and review cost details
- Prioritize vendors for renegotiation based on potential cost savings
- KRImprove P2P process turnaround time by 30%, leveraging digital tools and automation
- Train staff on efficient use of new automation tools
- Optimize P2P process workflow with AI-powered tooling
- Implement digital systems to automate invoice generation and payment
- KRAchieve 90% digitalization of P2P processes to enhance operational efficiency
- Implement digital software platforms for P2P interactions
- Monitor and evaluate digitalization progress regularly
- Train staff on digital P2P process management
OKRs to successfully migrate on-premises infrastructure to cloud service
- ObjectiveSuccessfully migrate on-premises infrastructure to cloud service
- KRTrain all team members on how to use the new cloud service effectively
- Schedule training sessions for all team members
- Identify suitable training course for new cloud service
- Monitor and assess team's proficiency post-training
- KRComplete migration of all essential data and applications using cloud service
- Begin transferring prioritized data to the cloud service
- Assess and categorize all data and applications for migration
- Conduct thorough post-migration testing and verification
- KRAchieve cost savings of at least 20% compared to current on-premises setup
- Establish and implement a company-wide energy saving program
- Evaluate and implement more efficient, cost-effective technologies
- Initiate negotiations with current vendors for price reductions
Cost Savings 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.
Save hours with automated OKR dashboards
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 Tability to save time with automated OKR dashboards, data connectors, and actionable insights.
How to get Tability dashboards:
- 1. Create a Tability account
- 2. Use the importers to add your OKRs (works with any spreadsheet or doc)
- 3. Publish your OKR plan
That's it! Tability will instantly get access to 10+ dashboards to monitor progress, visualise trends, and identify risks early.
More Cost Savings OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to establish my unique, impactful role in the organization
- OKRs to enhance effectiveness of CEO Executive Assistant role
- OKRs to increase revenue from commercial transactions legal services
- OKRs to establish ourselves as cloud specialists with Atlassian
- OKRs to improve mobile app reusability throughout the organization
- OKRs to enhance Product Service Management Efficiency