15 customisable OKR examples for Operations Cost
What are Operations Cost OKRs?
The OKR acronym stands for Objectives and Key Results. It's a goal-setting framework that was introduced at Intel by Andy Grove in the 70s, and it became popular after John Doerr introduced it to Google in the 90s. OKRs helps teams has a shared language to set ambitious goals and track progress towards them.
OKRs are quickly gaining popularity as a goal-setting framework. But, it's not always easy to know how to write your goals, especially if it's your first time using OKRs.
We've tailored a list of OKRs examples for Operations Cost 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 Operations Cost 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 Operations Cost OKRs examples
We've added many examples of Operations Cost 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 achieve significant reduction in operations cost
Achieve significant reduction in operations cost
Decrease monthly overhead expenses by at least 10%
Identify and eliminate unnecessary services or subscriptions- Negotiate lower costs with vendors or suppliers
- Implement energy-efficient practices in office operations
- Procure 20% of materials from lower-cost suppliers without compromising quality
- Transition 20% of orders to selected suppliers
- Conduct sample tests to ensure material quality
- Identify potential lower-cost suppliers with high-quality materials
- Implement automation in 3 operations processes to save labor cost
- Identify 3 operations processes suitable for automation
- Research and select suitable automation software
- Train staff on new automation tools
2. OKRs to increase cost management efficiency for people and operations
- Increase cost management efficiency for people and operations
- Implement cost tracking system to monitor and analyze spend across departments
- Train department heads in cost tracking system usage
- Launch system and begin monitoring departmental expenses
- Select cost tracking software suitable for our business needs
- Train managers on cost management best practices to mitigate overspending
- Follow-up on training effectiveness and changes
- Identify experts to guide practice implementation
- Arrange cost management training seminars for managers
- Reduce operational costs by 10% through process optimization and automation
- Conduct a thorough assessment of current operational processes
- Implement process optimization and automation strategies
- Identify inefficiencies and areas for automation
3. OKRs to achieve substantial operational cost reduction
- Achieve substantial operational cost reduction
- Implement automation in 3 high-cost operational activities to improve efficiency
- Implement and monitor the automation processes
- Design suitable automation strategies for each operation
- Identify 3 high-cost operations prone to automation
- Reduce operational expenses by 15% through process optimization and waste reduction
- Identify and eliminate inefficient operational processes
- Train staff on optimized workflow processes
- Implement waste reduction measures across all departments
- Reduce third-party vendor costs by renegotiating contracts and exploring alternative suppliers
- Research and evaluate alternative suppliers
- Develop and implement cost-effective contracts with new vendors
- Initiate negotiations for current vendor contracts
4. OKRs to streamline and expedite cost allocation computation process
- Streamline and expedite cost allocation computation process
- Decrease computation process by 30% through automation or process enhancement
- Design and implement automation scripts or software
- Identify areas where automation can reduce computational processes
- Evaluate and tweak enhancements for optimal efficiency
- Successfully complete 100% of cost allocation computations by day 3
- Review and finalize computations by day 3
- Start cost allocation computations on day 1
- Dedicate sufficient time and staff to computations
- Develop a plan to optimize the computation method within the first 2 weeks
- Identify current computation inefficiencies
- Implement and test the chosen method
- Research alternative, optimized computation methods
5. OKRs to boost the overall sales in the upcoming quarter
- Boost the overall sales in the upcoming quarter
- Grow the customer base by 20% resulting in increased purchases
- Improve product offerings to stimulate higher demand
- Launch targeted marketing campaigns to attract new customers
- Implement a referral program to incentivize existing customers
- Reduce operational costs by 15% to increase net income
- Review and analyze current operational expenses
- Implement cost-reduction strategies across operations
- Identify cost-saving opportunities in processes
- Implement a new upselling strategy to enhance average transaction value by 10%
- Monitor and track sales data to assess strategy effectiveness
- Train sales team to effectively execute the new upselling strategy
- Develop a new upselling strategy targeting high-value products or services
6. 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
7. OKRs to minimise and optimise operational expenditure effectively
- Minimise and optimise operational expenditure effectively
- Increase operational efficiency by 15% through the utilisation of lean methodologies
- Train team in lean methodologies and continuous improvement principles
- Continuously monitor, measure and adjust for improved efficiency
- Implement lean tools, such as 5S, to optimize processes
- Implement at least 3 cost-saving initiatives within various departments
- Develop and present cost-saving initiative proposals
- Identify potential cost-saving areas in different departments
- Implement selected cost-saving strategies in respective departments
- Achieve a 10% reduction in total operational costs without compromising output quality
- Negotiate lower prices with vendors
- Implement lean processes to reduce waste
- Evaluate and optimize energy usage for cost efficiency
8. OKRs to boost profitability via disciplined revenue and expense management
- Boost profitability via disciplined revenue and expense management
- Increase quarterly revenue by 10% through strategic sales initiatives
- Develop and implement a comprehensive sales training program
- Optimize pricing strategy for improved profitability
- Identify and target high-revenue potential clients
- Decrease operating costs by 15% via efficiency improvements
- Streamline supply chain to reduce excess waste
- Identify non-essential operations that can be terminated or outsourced
- Implement energy efficient technology in the office
- Achieve a consistent 20% profit margin throughout the upcoming quarter
- Upsell and cross-sell to increase profits
- Analyze previous quarters to identify profitable strategies
- Streamline business operations to reduce expenses
9. OKRs to boost the company's overall revenue
- Boost the company's overall revenue
- Increase product sales by 15%
- Enhance product visibility on online platforms
- Develop and implement targeted marketing strategies
- Improve customer engagement and feedback process
- Decrease operational costs by 10%
- Implement energy efficiency measures across all departments
- Negotiate better terms with suppliers and vendors
- Trim down unnecessary staff overtime
- Launch 2 new profitable products
- Finalize and launch the new products
- Develop marketing strategy for new products
- Identify and research potential profitable products
10. OKRs to improve cost efficiency through optimal resource allocation
- Improve cost efficiency through optimal resource allocation
- Reduce waste in resource allocation by identifying and eliminating non-essential expenses by 20%
- Implement and monitor the expense reduction plan
- Identify non-essential expenses in current resource allocation
- Create a plan to reduce these expenses by 20%
- Reduce overall operational costs by 10% through careful cost monitoring and control
- Implement regular audits to identify unnecessary expenses
- Enforce strict budgeting and reduce waste
- Introduce cost tracking systems in all departments
- Increase resource utilization rate by 15% while maintaining performance quality
- Implement efficient resource allocation strategies
- Provide regular training for optimal resource utilization
- Monitor and optimize resource usage regularly
11. OKRs to optimize delivery operations to save costs
- Optimize delivery operations to save costs
- Reduce average delivery distance by 10% using route optimization
- Implement advanced route optimization software
- Prioritize orders based on geographical location
- Train drivers on efficient routing methods
- Lower fuel consumption by 15% through efficient vehicle usage
- Implement routine vehicle maintenance checks
- Redefine routes for maximum fuel efficiency
- Train drivers in fuel-efficient driving techniques
- Cut delivery overtime hours by 20% through better schedule management
- Provide schedule management training for delivery personnel
- Develop efficient delivery routes to cut travel time
- Implement a strict tracking system for delivery timelines
12. OKRs to maximize revenue from current business operations
- Maximize revenue from current business operations
- Upsell or cross-sell products or services to 20% of current customers
- Train sales team in upselling and cross-selling techniques
- Design and deploy targeted marketing campaigns
- Analyze purchasing trends of current customers for upsell opportunities
- Enhance customer retention rates by 15% to boost recurring revenue
- Improve customer service response times and efficiency
- Regularly solicit and act upon customer feedback
- Implement loyalty programs to reward frequent purchases
- Increase profit margins by 10% through cost reduction strategies
- Negotiate with vendors for more favorable supply deals
- Identify areas for potential cost savings in operations
- Implement energy-saving policies to reduce utility costs
13. OKRs to streamline financial processes for enhanced profit growth
- Streamline financial processes for enhanced profit growth
- Increase net profit margin by 10% through operational efficiencies
- Increase pricing strategy efficiency to boost profit
- Streamline supply chain to reduce operational expenses
- Implement cost-saving measures in production processes
- Improve financial forecasting accuracy by 15% through use of advanced analytics
- Train staff on accurate use of analytics tools
- Continually assess and refine forecasting model accuracy
- Implement advanced analytics software for financial forecasting
- Implement two new innovative cost-reduction strategies by the end of the quarter
- Develop a detailed plan for implementation
- Research and identify potential cost-reduction strategies
- Execute and monitor the new strategies
14. OKRs to increase annual revenue to $30 million
- Increase annual revenue to $30 million
- Improve operating efficiency by reducing overhead costs by 10%
- Negotiate with vendors and suppliers to secure better pricing and/or discounts on necessary materials and services
- Implement technology solutions or automation tools to streamline operations and reduce manual effort
- Conduct a thorough review of all overhead expenses and identify areas for cost reduction
- Streamline processes and eliminate any unnecessary steps or redundancies in operations
- Increase sales volume by 15% compared to the previous quarter
- Train sales team on effective sales techniques and provide ongoing support and motivation
- Identify target market and create targeted marketing campaign to attract new customers
- Implement a customer loyalty program to encourage repeat purchases and increase customer retention
- Collaborate with suppliers to negotiate bulk discounts and lower costs to maximize profit margins
- Expand trading operations to three new markets
- Conduct market research to identify potential markets for expansion
- Establish partnerships or collaborations with local partners in the target markets
- Develop a strategic plan for entering new markets, including budgeting and resource allocation
- Implement marketing and advertising campaigns to raise awareness and attract customers in new markets
- Achieve a customer retention rate of 90% or higher
15. OKRs to achieve profitability by reducing operational costs by 20% in the current fiscal year
- Cut operational costs to achieve profitability
- Reduce employee overtime costs by 30%
- Implement automation processes to reduce manual labor costs by 20%
- Decrease inventory storage costs by 25%
- Lower utility expenses by 15% through energy-efficient measures
Operations Cost 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's audit dashboard will highlight opportunities to improve OKRsTip #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's check-ins will save you hours and increase transparencyTip #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 Operations Cost OKRs in a strategy map
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
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.
Tability's Strategy Map makes it easy to see all your org's OKRsIf 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 Operations Cost OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to boost customer interaction on the homepage
- OKRs to reduce overall shipping expenses
- OKRs to enhance audience nurturing for improved policy acquisition
- OKRs to boost IDV completion success for business clientele
- OKRs to improve code quality through effective code reviews
- OKRs to improve conversion rate by 20% with landing page optimization and A/B testing
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 👀
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