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7 OKR examples for Contract Management

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If you're here, you're probably looking for some inspiration to write your OKRs.

We've got you covered below, but you can draft and track perfectly tailored strategies in minutes with Tability.

AI feedback for OKRs in Tability

What are Contract Management 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 Contract Management 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.

How to write your own Contract Management OKRs

Option 1. Turn ideas into OKRs with Tability AI

While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here.

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.

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.

AI feedback for OKRs in TabilityTability's Strategy Map makes it easy to see all your org's OKRs

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.

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.

Contract Management OKRs examples

You will find in the next section many different Contract Management 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 achieve full contract coverage

  • ObjectiveAchieve full contract coverage
  • KRDevelop and implement strategies to cover 50% of uncovered contracts by week 6
  • KRObtain full coverage for all identified contracts by week 12
  • TaskFinalize and obtain coverage for all contracts by week 12
  • TaskReview and identify all existing contracts by week 9
  • TaskStart requesting full coverage quotes by week 10
  • KRIdentify and list all contracts lacking coverage by week 2

OKRs to achieve efficiency in contract reviews and legal cost reduction

  • ObjectiveAchieve efficiency in contract reviews and legal cost reduction
  • KRImplement automated legal tech tools to assist with contract reviews
  • TaskSelect and purchase a suitable automated contract review software
  • TaskTrain the team to use the selected tech tools effectively
  • TaskResearch various automated legal tech tools available in the market
  • KRNegotiate or reassess fees with legal service providers for 15% cost reduction
  • TaskInitiate negotiation meetings with each provider
  • TaskResearch market rates for comparison in negotiations
  • TaskIdentify current legal service providers and review contract details
  • KRDecrease average contract review time by 50%
  • TaskTrain staff on efficient contract reviewing techniques
  • TaskImplement automation tools to expedite contract review process
  • TaskStreamline the contract review workflow

OKRs to streamline contract administration procedures for enhanced efficiency

  • ObjectiveStreamline contract administration procedures for enhanced efficiency
  • KRCut contract errors by 15% through system automation and validation checks
  • TaskImplement systematic automation processes in contract creation
  • TaskRegularly review and improve existing automation processes
  • TaskEstablish rigorous validation checks for contract accuracy
  • KROversee a 30% reduction in contract processing time via system improvements
  • TaskImplement, monitor, and adjust improvements as necessary
  • TaskIdentify inefficiencies in the current contract processing system
  • TaskDevelop strategic plan for system improvements
  • KRImplement training programs to improve team's productivity by 25%
  • TaskSchedule and conduct regular team training sessions
  • TaskDevelop a productivity-boosting training program
  • TaskIdentify areas where the team's productivity can be improved

OKRs to successfully optimize a contract operations project

  • ObjectiveSuccessfully optimize a contract operations project
  • KRImplement optimizations in top-priority area and achieve 20% efficiency increase
  • TaskMonitor and ensure 20% efficiency increase
  • TaskDevelop and implement efficiency improvement strategies
  • TaskIdentify top-priority area requiring optimization
  • KRIdentify and prioritize 5 potential areas for improvement by end of Week 3
  • TaskRank the areas based on urgency and potential impact
  • TaskIdentify 5 areas in need of improvement within the operations
  • TaskAnalyze the importance and impact of each area
  • KRDocument the optimization process with insights to guide future projects
  • TaskCreate a guide based on insights for future projects
  • TaskAnalyze and record insights gained from the optimization
  • TaskDocument all steps taken during process optimization

OKRs to establish robust security controls for DHS/ATO and NATO contracts

  • ObjectiveEstablish robust security controls for DHS/ATO and NATO contracts
  • KRConduct quarterly maintenance on all the security controls and document findings
  • TaskDocument observations and any maintenance executed
  • TaskReview all security control systems thoroughly
  • TaskPerform necessary maintenance on security controls
  • KRImplement 5 new security measures aligned with DHS/ATO requirements by a 100%
  • TaskIdentify potential security measures that align with DHS/ATO requirements
  • TaskImplement and test the newly identified security measures
  • TaskReview existing security measures for any DHS/ATO non-compliance
  • KRAchieve zero security breaches related to the NATO contracts information
  • TaskImplement strong encryption on all NATO-related digital communication
  • TaskTrain staff in counter-intelligence and data protection practices
  • TaskRegularly perform rigorous security audits and fix vulnerabilities

OKRs to broaden understanding of royalty components in contracts

  • ObjectiveBroaden understanding of royalty components in contracts
  • KRComplete an advanced course on contract royalty structures by the end of Q2
  • TaskResearch and select an advanced contract royalty course
  • TaskTake course exams and complete course work
  • TaskEnroll in chosen course and schedule study times
  • KRConduct informative discussions with 3 expert lawyers on contractual royalties
  • TaskSchedule and conduct informative discussions with each lawyer
  • TaskIdentify and reach out to 3 expert lawyers in contractual royalties
  • TaskPrepare comprehensive questions about contractual royalties
  • KRAnalyze and comprehend 20 past contracts with differing royalty conditions
  • TaskSummarize findings for applicable learning points
  • TaskIdentify the varying royalty conditions in each
  • TaskOrganize and review 20 past contracts for evaluation

OKRs to secure renewal of OnPoint clients with updated agreement

  • ObjectiveSecure renewal of OnPoint clients with updated agreement
  • KRAchieve a 95% satisfaction rate among clients renewing their contracts
  • TaskConduct regular customer satisfaction surveys and improve upon feedback
  • TaskInitiate loyalty programs that add value to contracts
  • TaskBoost customer service quality and response times
  • KRFinalize Managed Services Agreement details for all renewals by mid-quarter
  • TaskConfirm all agreements by the designated time
  • TaskReview all Managed Services Agreement renewal details
  • TaskUpdate any necessary agreement terms
  • KRPersuade 70% of current clients to renew under the new pricing within the quarter
  • TaskCreate a persuasive presentation highlighting benefits of new pricing plan
  • TaskSchedule phone consultations to discuss individual concerns
  • TaskOffer limited-time incentives for early renewal

Contract Management 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 Contract Management OKRs

The rules of OKRs are simple. Quarterly OKRs should be tracked weekly, and yearly OKRs should be tracked monthly. Reviewing progress periodically has several advantages:

We recommend using a spreadsheet for your first OKRs cycle. You'll need to get familiar with the scoring and tracking first. Then, you can scale your OKRs process by using a proper OKR-tracking tool for it.

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 Contract Management OKR templates

We have more templates to help you draft your team goals and OKRs.

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