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tability.ioWhat are Purchasing Team OKRs?
The OKR acronym stands for Objectives and Key Results. It's a goal-setting framework that was introduced at Intel by Andy Grove in the 70s, and it became popular after John Doerr introduced it to Google in the 90s. OKRs helps teams has a shared language to set ambitious goals and track progress towards them.
OKRs are quickly gaining popularity as a goal-setting framework. But, it's not always easy to know how to write your goals, especially if it's your first time using OKRs.
We've tailored a list of OKRs examples for Purchasing Team 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.
Purchasing Team OKRs examples
You will find in the next section many different Purchasing 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!
OKRs to enhance the efficiency of indirect purchasing
ObjectiveEnhance the efficiency of indirect purchasing
KRReduce indirect purchasing costs by 10%
Negotiate better contracts with suppliers to obtain lower prices- Implement a centralized purchasing system to reduce overhead costs
- Identify and eliminate unnecessary spending in the indirect purchasing process
- KRImprove vendor satisfaction scores from indirect purchasing by 20%
- Implement feedback mechanisms for continuous improvement
- Streamline procurement processes for faster processing
- Regularly conduct satisfaction surveys among all vendors
- KRDecrease purchasing process time by 15%
- Training staff on time-management and productivity techniques
- Streamline approval workflows for quicker decision making
- Implement efficient digital tools to expedite the purchasing process
OKRs to streamline and optimize purchasing process
- ObjectiveStreamline and optimize purchasing process
- KRAchieve a 10% cost reduction through strategic supplier partnerships
- Monitor and assess the cost-saving performance regularly
- Identify suppliers for potential strategic partnerships
- Negotiate costs and build agreements with chosen suppliers
- KRDigitize 100% of paper-based purchase orders for better traceability
- Implement a digital purchase order system
- Train staff on new digital order process
- Scan all existing paper-based purchase orders
- KRReduce supplier lead time by 15% through improved negotiations
- Implement new strategies with suppliers during renewal talks
- Identify key suppliers and analyze their current lead times
- Develop new negotiation strategies focusing on lead time reduction
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 invoicing and purchasing processes
- ObjectiveStreamline invoicing and purchasing processes
- KRIncrease the on-time payment rate for invoices by 25%
- Implement automated reminders for upcoming invoice due dates
- Offer incentives for prompt payments
- Simplify the payment process for customers
- KRAchieve a 30% reduction in purchasing-related errors
- Introduce stricter controls for purchase order approvals
- Incorporate automated systems in the purchasing process
- Implement regular training sessions on purchasing procedures
- KRDecrease invoice processing time by 20%
- Implement automated invoicing software
- Train staff on efficient invoice procedures
- Streamline invoice approval process
OKRs to improve indirect purchasing to support HR's talent strategies
- ObjectiveImprove indirect purchasing to support HR's talent strategies
- KRNegotiate 10% cost reduction in vendor contracts for HR tools and services
- Develop a negotiation strategy focusing on cost reduction
- Identify key vendors and analyze existing contracts for negotiation leverage
- Organize meetings with vendors to discuss contract renegotiations
- KREstablish long-term partnerships with 3 quality talent sourcing agencies
- Schedule meetings to discuss partnership opportunities
- Research and identify potential talent sourcing agencies
- Negotiate and finalize the agreements
- KRImplement benefits package appealing to 85% of potential talents by surveying industry standards
- Conduct a survey of industry standards for benefits packages
- Analyze survey results to identify popular benefits
- Design benefits package based on analyzed data
OKRs to boost repeat user purchasing rate to 2%
- ObjectiveBoost repeat user purchasing rate to 2%
- KRImplement targeted marketing campaigns to increase repeat user engagement by 20%
- Monitor and adjust campaign based on user feedback
- Identify customer preferences through user data analysis
- Develop personalized marketing strategies based on preferences
- KREnhance user experience to boost repeat user conversion by 15%
- Develop personalized user recommendations
- Simplify navigation and checkout process
- Implement user feedback for platform improvements
- KRAnalyze and improve product availability and variety to elevate repeat user orders by 25%
- Implement improvement strategies based on analysis results
- Track and measure improvements in repeat user orders
- Conduct data analysis on current product availability and user preference
How to write your own Purchasing Team 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.
Purchasing Team 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 Purchasing Team OKRs
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.
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 Purchasing Team OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to successfully transition to platform x with an upgraded redemption flow
- OKRs to implement the new onboarding program to speed up deal closure time
- OKRs to execute seamless Data Migration aligned with project plan
- OKRs to elevate overall test coverage across all features
- OKRs to enhance Identity Access Management for large scale clients
- OKRs to process and complete all outstanding tax returns