Table of content

6 OKR examples for Inventory Management

What are Inventory 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.

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 Inventory Management 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.

Our Inventory Management OKRs examples

You'll find below a list of Objectives and Key Results templates for Inventory Management. We also included strategic projects for each template to make it easier to understand the difference between key results and projects.

Hope you'll find this helpful!

OKRs to improve effectiveness in asset tagging across all devices

  • ObjectiveImprove effectiveness in asset tagging across all devices
  • Key ResultIncrease inventory accuracy by 20% through efficient asset tagging
  • TaskConduct regular inventory audits for accuracy checks
  • TaskImplement barcode system for real-time tracking of inventory
  • TaskTrain staff on proper asset tagging procedures
  • Key ResultEliminate 15% of asset misplacements through implementing effective tagging technology
  • TaskResearch and select advanced tagging technology
  • TaskEvaluate current asset management and identify loopholes
  • TaskImplement chosen tagging technology across all assets
  • Key ResultTrain 90% of team members on latest asset tagging techniques by end of quarter
  • TaskMonitor and document training participation and completion rates
  • TaskIdentify suitable training resources on latest asset tagging techniques
  • TaskSchedule mandatory training sessions for team members

OKRs to boost material input in inventory system

  • ObjectiveBoost material input in inventory system
  • Key ResultReduce input errors in the system by 10% each month
  • TaskRegularly update and maintain system software
  • TaskImplement a rigorous data validation process
  • TaskTrain staff on proper data input procedures
  • Key ResultTrain all inventory staff on efficient material input procedures within one month
  • TaskNotify all inventory staff about the planned trainings
  • TaskIdentify preferred dates and times for training sessions
  • TaskSchedule an experienced trainer for material input procedures
  • Key ResultIncrease weekly recordings of material input by 25%
  • TaskTrain staff on efficient input recording methods
  • TaskOptimize the input recording software system
  • TaskImplement daily checks on materials input recording

OKRs to ensure all company devices are asset tagged

  • ObjectiveEnsure all company devices are asset tagged
  • Key ResultSuccessfully tag and update database with 100% of company devices by week 12
  • TaskApply tags and update the database by week 12
  • TaskDevelop an efficient and uniform tagging system by week 10
  • TaskCompile a complete list of all company devices by week 8
  • Key ResultProcure quality asset tags for 100% of identified devices by week 8
  • TaskIdentify and tally all devices that need asset tags
  • TaskResearch and select high-quality asset tags
  • TaskPurchase and assign asset tags to each device
  • Key ResultIdentify and categorize all company-owned devices by end of week 4
  • TaskCompile a list of all company-owned devices
  • TaskVerify and finalize list by end of week 4
  • TaskCategorize devices based on type and function

OKRs to increase sales of our branded products to achieve 60% of total sales

  • ObjectiveIncrease sales of our branded products to achieve 60% of total sales
  • Key ResultImprove conversion rate of leads interested in our branded products by 15%
  • TaskEnhance product descriptions for clearer understanding and appeal
  • TaskDevelop targeted marketing strategies for interested leads
  • TaskImplement effective follow-up process to ensure lead conversion
  • Key ResultGenerate 30% more leads interested in our branded products
  • TaskOptimize our website for better SEO rankings
  • TaskIncrease visibility through social media advertising
  • TaskImplement referral programs to encourage word-of-mouth
  • Key ResultIncrease inventory of our branded products by 20%
  • TaskAnalyze current inventory of branded products
  • TaskOrder additional 20% of current inventory from suppliers
  • TaskOrganize and stock received products

OKRs to streamline hardware inventory and implement asset tagging system

  • ObjectiveStreamline hardware inventory and implement asset tagging system
  • Key ResultCatalogue and organize 100% of the current hardware inventory
  • TaskSystematize hardware details using an inventory management system
  • TaskList all existing hardware assets in inventory
  • TaskCategorize hardware based on type or function
  • Key ResultDevelop a functional asset tagging system for owned devices
  • TaskImplement asset tags on each owned device
  • TaskIdentify all owned devices for cataloguing and tracking
  • TaskCreate a unique identification system for asset tags
  • Key ResultApply asset tags to 100% of owned devices successfully
  • TaskDesignate an individual to oversee the tagging process
  • TaskPurchase durable, high-quality asset tags for all owned devices
  • TaskConduct an audit to ensure that all devices are tagged

OKRs to decommission all identified systems by 2024

  • ObjectiveDecommission all identified systems by 2024
  • Key ResultConduct final review to ensure all decommissioned systems are properly shut down
  • TaskDocument final review findings
  • TaskConfirm cessation of systems via verification protocols
  • TaskIdentify all systems slated for decommission
  • Key ResultSuccessfully decommission 50% of identified systems by end of quarter
  • TaskExecute decommissioning safely and efficiently
  • TaskIdentify essential vs. non-essential systems for business operations
  • TaskDevelop a detailed decommissioning plan and schedule
  • Key ResultComplete inventory of all systems slated for decommission by end of quarter
  • TaskFinalize and document inventory report
  • TaskConduct thorough inventory of these systems
  • TaskIdentify all systems scheduled for decommissioning

Best practices for managing your Inventory Management 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

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 DashboardTability's audit dashboard will highlight opportunities to improve OKRs

Tip #2: Commit to the weekly 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 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 below). 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.

Building your own Inventory Management OKRs with AI

While we have some examples below, it's likely that you'll have specific scenarios that aren't covered here. There are 2 options available to you.

Best way to track your Inventory Management OKRs

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

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.

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 Inventory Management 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.