5 customisable OKR examples for Expenses
What are Expenses 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.
Formulating strong OKRs can be a complex endeavor, particularly for first-timers. Prioritizing outcomes over projects is crucial when developing your plans.
We've tailored a list of OKRs examples for Expenses to help you. You can look at any of the templates below to get some inspiration for your own goals.
If you want to learn more about the framework, you can read our OKR guide online.
Building your own Expenses 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 Expenses OKRs examples
We've added many examples of Expenses Objectives and Key Results, but we did not stop there. Understanding the difference between OKRs and projects is important, so we also added examples of strategic initiatives that relate to the OKRs.
Hope you'll find this helpful!
1. OKRs to optimize IT costs by reducing expenses by 20%
Reduce IT expenses by 20%
Analyze previous quarter expenses and identify areas for cost reduction
Determine cost-saving opportunities
Identify spending patterns
Review expenses
Implement cost reduction measures
Educate employees on cost-saving practices and enforce IT policies
Regularly remind staff of cost-cutting policies
Contain training sessions for IT policy adoption
Monitor employee compliance with IT policies and address non-compliance
Hold information sessions about cost-saving practices
Negotiate with vendors for better pricing
Research vendor's competitors and their rates
Highlight your previous purchasing history with them
Offer to sign a long-term contract for a discount
Ask for a volume discount based on the forecasted quantity
Implement solutions and track savings
Identify opportunities for cost reduction
Implement cost-saving solutions
Track and report realized savings
Prioritize solutions based on potential savings
2. OKRs to reduce overall shipping expenses
Reduce overall shipping expenses
Decrease packaging costs by sourcing 15% cheaper materials
Identify suitable suppliers offering lower-cost packaging materials
Negotiate pricing terms with potential suppliers
Implement new materials into existing production lines
Implement an optimized routing system to reduce shipping distance by 10%
Implement new, optimized routing system using AI and data analytics
Monitor and adjust the routing system continuously for best results
Evaluate current shipping routes for inefficiencies and areas for improvements
Negotiate a 20% reduction in courier fees by end of quarter
Schedule and conduct negotiation meeting with courier
Research alternative courier services for competitive prices
Prepare a negotiation plan with current courier service
3. OKRs to within budget
Maintain expenses within budget
Achieve 90% accuracy in budget forecasting
Increase departmental efficiency by 15%
Decrease variable expenses by 10%
Implement cost-cutting initiatives resulting in a 5% reduction in fixed expenses
4. OKRs to reduce delivery service expenses
Reduce delivery service expenses
Lower staff overtime costs by 15% by improving shift scheduling
Conduct periodic reviews to identify scheduling inefficiencies or issues
Train managers on workload distribution and staff utilization techniques
Implement a digital shift scheduling system for efficient workforce management
Implement an efficient parcel tracking system to reduce lost package costs by 5%
Train staff on new system usage
Research and adopt an advanced tracking solution
Identify current weaknesses in existing parcel tracking system
Decrease fuel expenditure by 10% through optimizing delivery routes
Train drivers on fuel-efficient driving techniques
Implement GPS-based routing software for efficient trip planning
Regularly maintain delivery vehicles for optimal performance
5. OKRs to optimize cloud transition expenses
Optimize cloud transition expenses
Implement a cost-monitoring dashboard to track cloud expenses
Train team on using the new dashboard
Choose a suitable cost-monitoring dashboard software
Identify key metrics to monitor for cloud expenses
Reduce current on-premises infrastructure costs by 20%
Consolidate redundant hardware and systems to streamline operations
Negotiate better pricing contracts with vendors
Implement energy-saving measures for physical infrastructure
Achieve 30% cost savings from the cloud transition
Identify redundant applications prior to cloud migration
Optimize cloud storage usage to reduce wastage
Utilize automated scaling for cloud resources
Expenses 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
Having too many OKRs is the #1 mistake that teams make when adopting the framework. The problem with tracking too many competing goals is that it will be hard for your team to know what really matters.
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
Setting good goals can be challenging, but without regular check-ins, your team will struggle to make progress. We recommend that you track your OKRs weekly to get the full benefits from the framework.
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 Expenses OKRs in a strategy map
Your quarterly OKRs should be tracked weekly in order to get all the benefits of the OKRs 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
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 Expenses OKR templates
We have more templates to help you draft your team goals and OKRs.
OKRs to enhance communication tools for internal project members
OKRs to attain product market fit for our offering
OKRs to minimize application downtime to improve performance
OKRs to successfully implement the new bank branch opening infrastructure
OKRs to land and expand through product stickiness
OKRs to enhance IT infrastructure and optimize helpdesk processes for improved efficiency
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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