6 customisable OKR examples for Cost Saving
What are Cost Saving 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 Cost Saving 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.
Building your own Cost Saving OKRs with AI
While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI generator below or our more complete goal-setting system to generate your own OKRs.
Feel free to explore our tools:
- Use our free OKR generator
- Use Tability, a complete platform to set and track OKRs and initiatives, including a GPT-4 powered goal generator
Our customisable Cost Saving OKRs examples
You will find in the next section many different Cost Saving 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!
1. OKRs to implement cost savings/automation initiative
Implement cost savings/automation initiative
Develop detailed implementation plan for chosen initiative by week 8
Identify objectives and deliverables of the chosen initiative
Assign roles and responsibilities related to the plan
Develop comprehensive timeline for each task by week 8
Identify 3 potential areas for cost savings/automation by week 4
Review current expenditures to identify key cost areas
Analyse processes for potential automation
Identify inefficiencies within procedures
Achieve 10% cost reduction or time savings via the implemented initiative by week 12
Set clear goals for the initiative focusing on cost reduction
Adapt and improve strategies according to progress
Regularly track and evaluate the initiative's performance
2. OKRs to engage customers with allurements and cost-saving opportunities
Engage customers with allurements and cost-saving opportunities
Increase website click-through rate on offers by 20%
Optimize landing pages to highlight specific offers
Enhance website load speed and mobile optimization
Implement A/B testing to improve advertisement efficiency
Increase subscription to email newsletters for special offers by 15%
Implement a referral program for existing subscribers
Create engaging content to encourage newsletter sign-ups
Optimize website for user-friendly newsletter sign-ups
Elevate redeemed coupon rate by 25%
Create appealing, well-targeted marketing emails for current and potential customers
Simplify the coupon redemption process for customers
Improve and diversify coupon incentives
3. OKRs to streamline vendor management for efficient cost savings and digitalized P2P process
Streamline vendor management for efficient cost savings and digitalized P2P process
Reduce vendor costs by 15% through negotiation and strategic sourcing
Develop and implement strategic sourcing strategies with chosen vendors
Identify all current vendor contracts and review cost details
Prioritize vendors for renegotiation based on potential cost savings
Improve P2P process turnaround time by 30%, leveraging digital tools and automation
Train staff on efficient use of new automation tools
Optimize P2P process workflow with AI-powered tooling
Implement digital systems to automate invoice generation and payment
Achieve 90% digitalization of P2P processes to enhance operational efficiency
Implement digital software platforms for P2P interactions
Monitor and evaluate digitalization progress regularly
Train staff on digital P2P process management
4. OKRs to successfully migrate on-premises infrastructure to cloud service
Successfully migrate on-premises infrastructure to cloud service
Train all team members on how to use the new cloud service effectively
Schedule training sessions for all team members
Identify suitable training course for new cloud service
Monitor and assess team's proficiency post-training
Complete migration of all essential data and applications using cloud service
Begin transferring prioritized data to the cloud service
Assess and categorize all data and applications for migration
Conduct thorough post-migration testing and verification
Achieve cost savings of at least 20% compared to current on-premises setup
Establish and implement a company-wide energy saving program
Evaluate and implement more efficient, cost-effective technologies
Initiate negotiations with current vendors for price reductions
5. OKRs to reduce overall IT expenditure per employee
Reduce overall IT expenditure per employee
Decrease hardware renewal cost by 20%
Identify and eliminate unnecessary hardware assets
Implement preventative maintenance strategies on existing hardware
Negotiate better contracts with hardware vendors
Implement software use audits to identify 15% cost-saving opportunities
Identify key software used in organization operations
Analyze audit findings to identify cost-saving opportunities
Develop and implement a software auditing process
Achieve a 10% reduction in IT service contractor expenses
Explore cheaper alternatives or in-house solutions for IT services
Evaluate current IT service contracts for potential cost-saving opportunities
Negotify renegotiations or cancellations of costly contracts
6. OKRs to boost sales volume and ensure long-term company sustainability
Boost sales volume and ensure long-term company sustainability
Develop two new client relationships for potential future sales agreements
Identify potential clients aligning with our product/service offerings
Develop and present tailored proposals to identified clients
Reach out to potential clients, initiate discussions
Implement cost-saving measures to improve net profit margin by 10%
Evaluate and optimize supplier contracts for lower costs
Optimize workforce management to reduce overtime payments
Implement energy-saving procedures in company operations
Achieve a 15% increase in sales by expanding our customer base
Enhance customer service to improve retention rates
Develop and implement an aggressive marketing strategy
Identify and target new customer demographics
Cost Saving OKR best practices to boost success
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.
![Tability Insights Dashboard](https://tability-templates-v2.vercel.app/_next/static/media/tability-insights-board.e70f9466.png)
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.
![Tability Insights Dashboard](https://tability-templates-v2.vercel.app/_next/static/media/checkins-graph.b2aec458.png)
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 turn your Cost Saving OKRs in a strategy map
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:
- 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.
![A strategy map in Tability](https://tability-templates-v2.vercel.app/_next/static/media/tability_strategy_map.2ad25843.png)
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 Cost Saving OKR templates
We have more templates to help you draft your team goals and OKRs.
OKRs to streamline invoicing and purchasing processes
OKRs to improve efficiency of QA triaging
OKRs to enhance proficiency in requirements assessment for personal development
OKRs to enhance service delivery through innovation and benchmarking
OKRs to increase effectiveness and efficiency of sales pipeline management
OKRs to boost online course sales by 20%
OKRs resources
Here are a list of resources to help you adopt the Objectives and Key Results framework.
- To learn: What is the meaning of OKRs
- Blog posts: ODT Blog
- Success metrics: KPIs examples
Create more examples in our app
You can use Tability to create OKRs with AI – and keep yourself accountable 👀
Tability is a unique goal-tracking platform built to save hours at work and help teams stay on top of their goals.
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