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tability.ioWhat are Expenses 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.
Formulating strong OKRs can be a complex endeavor, particularly for first-timers. Prioritizing outcomes over projects is crucial when developing your plans.
We've tailored a list of OKRs examples for Expenses to help you. You can look at any of the templates below to get some inspiration for your own goals.
If you want to learn more about the framework, you can read our OKR guide online.
Expenses OKRs examples
We've added many examples of Expenses Objectives and Key Results, but we did not stop there. Understanding the difference between OKRs and projects is important, so we also added examples of strategic initiatives that relate to the OKRs.
Hope you'll find this helpful!
OKRs to optimize IT costs by reducing expenses by 20%
ObjectiveReduce IT expenses by 20%
KRAnalyze previous quarter expenses and identify areas for cost reduction
Determine cost-saving opportunities- Identify spending patterns
- Review expenses
- Implement cost reduction measures
- KREducate employees on cost-saving practices and enforce IT policies
- Regularly remind staff of cost-cutting policies
- Contain training sessions for IT policy adoption
- Monitor employee compliance with IT policies and address non-compliance
- Hold information sessions about cost-saving practices
- KRNegotiate with vendors for better pricing
- Research vendor's competitors and their rates
- Highlight your previous purchasing history with them
- Offer to sign a long-term contract for a discount
- Ask for a volume discount based on the forecasted quantity
- KRImplement solutions and track savings
- Identify opportunities for cost reduction
- Implement cost-saving solutions
- Track and report realized savings
- Prioritize solutions based on potential savings
OKRs to boost benefits while maintaining current cost outlay
- ObjectiveBoost benefits while maintaining current cost outlay
- KRIdentify and implement 3 cost-neutral benefit enhancements in operations
- Implement the selected benefit enhancements in operations
- Finalize suggestions for cost-neutral benefit enhancements
- Evaluate current operational processes to identify potential benefit enhancements
- KRAchieve a 10% increase in perceived value of benefits within the next quarter
- Develop and implement an enhanced communication strategy about benefits
- Organize training sessions to elaborate on the benefits' values
- Coordinate a feedback campaign to gauge perception changes
- KRMaintain operational expenses within current cost boundaries without any increase
- Implement strict budget management for all departments
- Analyze current operations for potential cost-saving opportunities
- Regularly review vendor contracts for renegotiation possibilities
OKRs to reduce overall shipping expenses
- ObjectiveReduce overall shipping expenses
- KRDecrease packaging costs by sourcing 15% cheaper materials
- Identify suitable suppliers offering lower-cost packaging materials
- Negotiate pricing terms with potential suppliers
- Implement new materials into existing production lines
- KRImplement an optimized routing system to reduce shipping distance by 10%
- Implement new, optimized routing system using AI and data analytics
- Monitor and adjust the routing system continuously for best results
- Evaluate current shipping routes for inefficiencies and areas for improvements
- KRNegotiate a 20% reduction in courier fees by end of quarter
- Schedule and conduct negotiation meeting with courier
- Research alternative courier services for competitive prices
- Prepare a negotiation plan with current courier service
OKRs to streamline corporate general and administrative expenses
- ObjectiveStreamline corporate general and administrative expenses
- KRSlash administrative costs by 15% through process improvements
- Implement automation technology for routine tasks
- Conduct training on new streamlined processes
- Identify inefficiencies in current administrative processes
- KRIncrease revenue to cost ratio by 20% via strategic resource allocation
- Continually monitor and adjust resource allocation
- Redistribute resources to maximize efficiency
- Identify profitable and underutilized resources
- KRImplement cost control mechanisms reducing overspending by 10%
- Identify areas of excessive spending within current budget
- Develop and implement cost control policies
- Monitor and record savings from implemented policies
OKRs to within budget
- ObjectiveMaintain expenses within budget
- KRAchieve 90% accuracy in budget forecasting
- KRIncrease departmental efficiency by 15%
- KRDecrease variable expenses by 10%
- KRImplement cost-cutting initiatives resulting in a 5% reduction in fixed expenses
OKRs to reduce delivery service expenses
- ObjectiveReduce delivery service expenses
- KRLower staff overtime costs by 15% by improving shift scheduling
- Conduct periodic reviews to identify scheduling inefficiencies or issues
- Train managers on workload distribution and staff utilization techniques
- Implement a digital shift scheduling system for efficient workforce management
- KRImplement an efficient parcel tracking system to reduce lost package costs by 5%
- Train staff on new system usage
- Research and adopt an advanced tracking solution
- Identify current weaknesses in existing parcel tracking system
- KRDecrease fuel expenditure by 10% through optimizing delivery routes
- Train drivers on fuel-efficient driving techniques
- Implement GPS-based routing software for efficient trip planning
- Regularly maintain delivery vehicles for optimal performance
OKRs to optimize cloud transition expenses
- ObjectiveOptimize cloud transition expenses
- KRImplement a cost-monitoring dashboard to track cloud expenses
- Train team on using the new dashboard
- Choose a suitable cost-monitoring dashboard software
- Identify key metrics to monitor for cloud expenses
- KRReduce current on-premises infrastructure costs by 20%
- Consolidate redundant hardware and systems to streamline operations
- Negotiate better pricing contracts with vendors
- Implement energy-saving measures for physical infrastructure
- KRAchieve 30% cost savings from the cloud transition
- Identify redundant applications prior to cloud migration
- Optimize cloud storage usage to reduce wastage
- Utilize automated scaling for cloud resources
OKRs to drastically decrease operational expenses
- ObjectiveDrastically decrease operational expenses
- KRDecrease supply chain costs by 10% through vendor negotiations and solutions
- Develop strategies for productive pricing discussions
- Implement cost-effective vendor management solutions
- Identify vital vendors for price renegotiation
- KRReduce energy consumption by 15% with sustainable initiatives
- Implement company-wide training on energy-saving practices
- Regularly audit and maintain equipment for optimal efficiency
- Install energy-efficient appliances and light fixtures
- KRImplement effective automation tools, boosting productivity by 25%
- Monitor and adjust processes to achieve 25% productivity increase
- Implement and integrate chosen automation tools into daily operations
- Research and identify suitable automation tools for business processes
How to write your own Expenses 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.
Expenses 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
Having too many OKRs is the #1 mistake that teams make when adopting the framework. The problem with tracking too many competing goals is that it will be hard for your team to know what really matters.
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
Setting good goals can be challenging, but without regular check-ins, your team will struggle to make progress. We recommend that you track your OKRs weekly to get the full benefits from the framework.
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 Expenses 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
Most teams should start with a spreadsheet if they're using OKRs for the first time. Then, once you get comfortable you can graduate to a proper OKRs-tracking tool.
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 Expenses OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to increase cost management efficiency for people and operations
- OKRs to enhance warehouse labor productivity by implementing lean methodologies and automation
- OKRs to cultivate a United, Collaborative Team Environment
- OKRs to launch a fully functional React Native application
- OKRs to cultivate a resilient, long-lasting community culture
- OKRs to broaden understanding in the new work field