OKR template to streamline vendor management for efficient cost savings and digitalized P2P process

public-lib · Published about 1 month ago

This OKR revolves around streamlining vendor management to reduce costs and digitizing the procures-to-pay (P2P) processes. The specific target is to lower vendor expenses by 15% via negotiation and strategic sourcing. Initiatives to achieve this include the development and execution of sourcing strategies, reviewing the existing vendor contracts and identifying potential cost-saving opportunities through vendor renegotiation.

The second objective in the OKR involves enhancing the P2P process. The goal is to accelerate the process turnaround time by 30% by leveraging digital tools and automation. Initiatives under this objective involve training staff to use new automation tools efficiently, optimizing the P2P workflow using AI-powered tools, and digitizing invoice generation and payment.

The final objective is to achieve 90% digitalization of P2P processes to improve operational efficiency. This encompasses implementing digital software platforms for smoother P2P interactions, regular tracking and evaluation of digitalization progress, and staff training on handling digital P2P process operations.

Overall, these plans of action are built to bring cost-effective vendor management and significant digital transformation in the organization's P2P process workflow to maximize operational efficiency and optimize cost savings.
  • ObjectiveStreamline vendor management for efficient cost savings and digitalized P2P process
  • Key ResultReduce vendor costs by 15% through negotiation and strategic sourcing
  • TaskDevelop and implement strategic sourcing strategies with chosen vendors
  • TaskIdentify all current vendor contracts and review cost details
  • TaskPrioritize vendors for renegotiation based on potential cost savings
  • Key ResultImprove P2P process turnaround time by 30%, leveraging digital tools and automation
  • TaskTrain staff on efficient use of new automation tools
  • TaskOptimize P2P process workflow with AI-powered tooling
  • TaskImplement digital systems to automate invoice generation and payment
  • Key ResultAchieve 90% digitalization of P2P processes to enhance operational efficiency
  • TaskImplement digital software platforms for P2P interactions
  • TaskMonitor and evaluate digitalization progress regularly
  • TaskTrain staff on digital P2P process management
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