3 customisable OKR examples for Cost Savings

What are Cost Savings 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 Savings 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 Savings 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:

Our customisable Cost Savings OKRs examples

You will find in the next section many different Cost Savings 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. OKR to implement cost savings/automation initiative

  • ObjectiveImplement cost savings/automation initiative
  • Key ResultDevelop detailed implementation plan for chosen initiative by week 8
  • TaskIdentify objectives and deliverables of the chosen initiative
  • TaskAssign roles and responsibilities related to the plan
  • TaskDevelop comprehensive timeline for each task by week 8
  • Key ResultIdentify 3 potential areas for cost savings/automation by week 4
  • TaskReview current expenditures to identify key cost areas
  • TaskAnalyse processes for potential automation
  • TaskIdentify inefficiencies within procedures
  • Key ResultAchieve 10% cost reduction or time savings via the implemented initiative by week 12
  • TaskSet clear goals for the initiative focusing on cost reduction
  • TaskAdapt and improve strategies according to progress
  • TaskRegularly track and evaluate the initiative's performance

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

  • 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

3. OKR to successfully migrate on-premises infrastructure to cloud service

  • ObjectiveSuccessfully migrate on-premises infrastructure to cloud service
  • Key ResultTrain all team members on how to use the new cloud service effectively
  • TaskSchedule training sessions for all team members
  • TaskIdentify suitable training course for new cloud service
  • TaskMonitor and assess team's proficiency post-training
  • Key ResultComplete migration of all essential data and applications using cloud service
  • TaskBegin transferring prioritized data to the cloud service
  • TaskAssess and categorize all data and applications for migration
  • TaskConduct thorough post-migration testing and verification
  • Key ResultAchieve cost savings of at least 20% compared to current on-premises setup
  • TaskEstablish and implement a company-wide energy saving program
  • TaskEvaluate and implement more efficient, cost-effective technologies
  • TaskInitiate negotiations with current vendors for price reductions

Best practices for managing your Cost Savings OKRs

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 DashboardTability's audit dashboard will highlight opportunities to improve OKRs

Tip #2: Commit to the weekly 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 DashboardTability's check-ins will save you hours and increase transparency

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.

Best way to track your Cost Savings 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.

A strategy map in TabilityTability's Strategy Map makes it easy to see all your org's OKRs

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 Savings OKR templates

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

OKRs resources

Here are a list of resources to help you adopt the Objectives and Key Results framework.

Create more examples in our app

You can use Tability to create OKRs with AI – and keep yourself accountable 👀

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