OKR template to achieve significant cost reduction in metal fabrication
The OKR aimed to substantially minimize cost in metal fabrication via several objective-led initiatives within a defined timeline. At first, it targets to locate and instigate at least three cost-friendly manufacturing methods by the term end.
One prime initiative focuses on identifying potential frugal manufacturing strategies, followed by their orchestration and consistent scrutiny. Eventually, it proposes to cherry-pick the top three most feasible procedures for their enforcement.
Another goal is to rationalize the procurement costs for raw materials by a significant 15%. Initiatives under this objective entailed devising an extensive negotiation policy bearing cost-cutting aims, researching competitive cost suppliers for the necessary raw materials and initiating contract discussions with chosen suppliers.
Lastly, the OKR converges on decreasing waste material in fabrication by 20% as a measure to economize. To meet this objective, initiatives include a review and optimization of manufacturing procedures to curtail waste, investment in waste-cutting technology or apparatus, and the provision of efficiency training concerning material to the fabrication crew.
One prime initiative focuses on identifying potential frugal manufacturing strategies, followed by their orchestration and consistent scrutiny. Eventually, it proposes to cherry-pick the top three most feasible procedures for their enforcement.
Another goal is to rationalize the procurement costs for raw materials by a significant 15%. Initiatives under this objective entailed devising an extensive negotiation policy bearing cost-cutting aims, researching competitive cost suppliers for the necessary raw materials and initiating contract discussions with chosen suppliers.
Lastly, the OKR converges on decreasing waste material in fabrication by 20% as a measure to economize. To meet this objective, initiatives include a review and optimization of manufacturing procedures to curtail waste, investment in waste-cutting technology or apparatus, and the provision of efficiency training concerning material to the fabrication crew.
Achieve significant cost reduction in metal fabrication
Identify and implement at least 3 cost-effective fabrication methods by the end of the quarter
Research potential cost-effective fabrication methods- Implement and monitor the selected methods
- Select three most viable methods for implementation
- Negotiate supply contracts for raw materials to lower purchase costs by 15%
- Prepare detailed negotiation strategy with cost reduction targets
- Research suppliers for competitive pricing on required raw materials
- Initiate contract negotiations with selected suppliers
- Reduce waste material in fabrication by 20% to save costs
- Review and optimize fabrication processes to minimize waste
- Invest in waste-reducing technology or equipment
- Implement training on material efficiency for fabrication staff