15 customisable OKR examples for Procurement Team
What are Procurement Team 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.
Creating impactful OKRs can be a daunting task, especially for newcomers. Shifting your focus from projects to outcomes is key to successful planning.
We've tailored a list of OKRs examples for Procurement Team 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 Procurement Team 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 Procurement Team OKRs examples
We've added many examples of Procurement Team 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 improve procurement documentation through thorough auditing
Improve procurement documentation through thorough auditing
Propose and implement 3 efficiency-enhancing modifications to the document auditing system
Implement the proposed system modifications- Develop efficiency-enhancing modifications for the system
- Identify inefficiencies in the current document auditing system
- Conduct audits on 100% of free procurement documents weekly
- Schedule weekly audits for these documents
- Identify all free procurement documents for the week
- Review and report on audit findings
- Detect and report at least 90% of inaccuracies or discrepancies in audited documents
- Report detected inaccuracies promptly
- Establish a detection method for document inaccuracies
- Analyze 100% of audited documents systematically
2. OKRs to master Microsoft 365 Copilot program for efficient procurement
- Master Microsoft 365 Copilot program for efficient procurement
- Apply learned procedures to reduce procurement processing time by 25%
- Provide staff training on efficient procurement procedures
- Implement automation software for quicker procurement processes
- Monitor and adjust workflow to eliminate unnecessary steps
- Complete 4 Microsoft 365 Copilot training modules each week
- Allocate specific time slots to accomplish each selected training module
- Review and assess understanding after finishing each module
- Identify 4 Microsoft 365 Copilot training modules to complete this week
- Achieve 90% score in weekly assessments of the training program
- Practice with past assessments to understand the format and expected answers
- Allocate specific hours daily for focused study and revision
- Attend all training sessions and actively participate in discussions
3. 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
4. OKRs to negotiate better pricing with vendors early in the project
- Negotiate better pricing with vendors early in the project
- Finalize early-project contracts with all vendors securing reduced rates by week 8
- Negotiate contracts and reduced rates with each vendor
- Finalize and secure all vendor contracts by week 8
- Identify all vendors necessary for early-project completion
- Build relationships with 5 key vendors by the end of the week 3
- Identify and shortlist 5 key vendors relevant to our business needs
- Initiate contact and arrange meetings with the selected vendors
- Follow up post meetings to solidify relationships and discuss potential collaborations
- Achieve at least a 10% reduction in pricing from each vendor by week 6
- Analyze current expenditure with each vendor
- Obtain written commitment to new prices
- Initiate negotiation talks for discount rates
5. OKRs to enhance strategic planning and cut costs in category and product management
- Enhance strategic planning and cut costs in category and product management
- Develop and implement a strategic category plan for 3 top-selling product lines
- Implement the developed plan across each product line
- Identify the three top-selling product lines
- Create a comprehensive strategic category plan
- Increase cost efficiency by improving negotiation skills, saving 15% on supplier contracts
- Enroll in professional negotiation skills workshops
- Establish a targeted savings goal for each contract
- Negotiate supplier contracts effectively to ensure savings
- Implement a new budgeting tool to decrease product development costs by 20%
- Monitor and adjust implementation for efficiency
- Train product development team on chosen tool
- Identify suitable budgeting tools within the market
6. OKRs to reduce operational cost in the Network Operations Center
- Reduce operational cost in the Network Operations Center
- Reduce unnecessary expenses by 15% through procurement optimization
- Implement a stringent approval process for all procurements
- Conduct regular reviews of procurement practices
- Eliminate redundant suppliers to consolidate spending
- Implement cost-effective automated systems to decrease manual labor costs by 20%
- Implement the chosen systems and monitor the cost-saving
- Research and select cost-effective automation systems
- Identify areas where automation can replace manual labor
- Achieve a 10% reduction in energy usage through efficient resource management
- Implement weekly power shutdowns in non-essential areas
- Install energy-efficient lighting and appliances throughout the facility
- Insulate building envelope to optimize heating/cooling use
7. OKRs to establish robust strategies to prevent newsroom sellouts
- Establish robust strategies to prevent newsroom sellouts
- Instigate strict vendor vetting procedures that reduce sellout risk by 30%
- Introduce mandatory background checks for all potential vendors
- Develop strict criteria for vendor performance evaluation
- Implement mandatory sellout risk training for procurement team
- Implement newsroom integrity training for 80% of journalistic staff
- Schedule training sessions for journalism staff
- Monitor and track staff participation rates
- Develop a comprehensive newsroom integrity training curriculum
- Develop a comprehensive risk assessment protocol for potential sellouts by 25%
- Identify potential sellout products and their current market demand
- Create mitigation strategies for potential risks
- Evaluate potential financial impact of a 25% sellout
8. OKRs to establish uninterrupted power supply for all cable and net nodes during blackouts
- Establish uninterrupted power supply for all cable and net nodes during blackouts
- Improve system efficiency to achieve less than 1% downtime in case of blackouts
- Implement a robust uninterruptible power supply (UPS) system
- Regularly test and maintain all backup systems
- Develop a comprehensive disaster recovery plan
- Secure procurement and installation deals of uninterrupted power supply (UPS) systems for 100% of nodes
- Finalize procurement contracts for necessary UPS systems
- Identify potential UPS system suppliers and initiate negotiation
- Organize installation of UPS systems across all nodes
- Implement and test successful failover to UPS for all nodes during simulated blackout events
- Schedule simulated blackout events periodically
- Set up and configure UPS systems on all nodes
- Monitor and document failover success during simulations
9. OKRs to develop a robust vendor management framework
- Develop a robust vendor management framework
- Train 75% of procurement team in using the new vendor management system
- Schedule vendor management system training sessions
- Identify which team members require training
- Evaluate training effectiveness post-completion
- Identify and categorize 100% of existing vendors by end of quarter
- Develop categorization criteria based on vendor parameters
- Compile a comprehensive list of all existing vendors
- Sort each vendor into the corresponding categories
- Implement vendor evaluation criteria for 60% of categorized vendors
- Develop evaluation criteria based on industry standards
- Apply evaluation criteria and analyze results
- Identify top categories for 60% of our vendors
10. OKRs to secure optimal pricing from third-party vendors
- Secure optimal pricing from third-party vendors
- Identify and initiate discussions with 3 new lower-cost vendors
- Kickstart negotiations around cost and terms with each potential vendor
- Research and list potential lower-cost vendors in marketplace
- Reach out to each vendor for initial consultation or pitch
- Implement cost monitoring system for real-time tracking of vendor pricing
- Initiate real-time tracking of vendor pricing
- Research and choose suitable cost monitoring software
- Train staff on using the software for price tracking
- Negotiate with 5 existing vendors to lower costs by 10%
- Identify and review current contracts with the five existing vendors
- Prepare a clear, compelling case for cost reduction with supporting data
- Initiate negotiation meetings with each vendor to discuss cost lowering
11. OKRs to streamline invoicing and purchasing processes
- Streamline invoicing and purchasing processes
- Increase the on-time payment rate for invoices by 25%
- Implement automated reminders for upcoming invoice due dates
- Offer incentives for prompt payments
- Simplify the payment process for customers
- Achieve a 30% reduction in purchasing-related errors
- Introduce stricter controls for purchase order approvals
- Incorporate automated systems in the purchasing process
- Implement regular training sessions on purchasing procedures
- Decrease invoice processing time by 20%
- Implement automated invoicing software
- Train staff on efficient invoice procedures
- Streamline invoice approval process
12. OKRs to streamline Operational Efficiency
- Streamline Operational Efficiency
- Reduce customer support ticket resolution time by 25% by implementing self-service resources and improving response processes
- Regularly analyze customer feedback to identify trends and continuously improve response processes
- Implement chatbots to provide immediate and automated responses to common customer queries
- Streamline ticket triage and routing processes to ensure faster response times
- Develop a comprehensive self-service knowledge base with frequently asked questions and guides
- Achieve a 15% cost reduction in supply chain management through vendor negotiation and procurement efficiency
- Streamline procurement processes by implementing automation and digitization tools
- Establish clear performance metrics and regularly review vendors' performance to ensure efficiency and cost-effectiveness
- Explore alternative suppliers and evaluate their pricing and terms to maximize cost savings
- Conduct a thorough analysis of current vendors' pricing and identify potential negotiation opportunities
- Increase employee adoption of new software tools by 30% through comprehensive training and improved user experience
- Decrease average time spent on administrative tasks by 20% through automation and process optimization
13. 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
14. OKRs to maximise utilisation of new sourcing tool for quality RFPs
- Maximise utilisation of new sourcing tool for quality RFPs
- Implement a minimum of 15 sourcing events using the new tool
- Execute the sourcing events appropriately
- Schedule and plan for 15 sourcing events
- Identify suitable events for sourcing using the new tool
- Achieve a 25% improvement in RFP response quality compared to last quarter
- Implement mandatory review process before RFP submission
- Conduct additional training on RFP creation
- Utilize feedback from previous RFPs to iterate
- Conduct training sessions for team on new sourcing tool within two weeks
- Develop an engaging and informative training plan
- Identify key functionalities of the new sourcing tool
- Schedule and implement training sessions for the team
15. OKRs to achieve significant cost reduction in metal fabrication
- Achieve significant cost reduction in metal fabrication
- Identify and implement at least 3 cost-effective fabrication methods by the end of the quarter
- Research potential cost-effective fabrication methods
- Implement and monitor the selected methods
- Select three most viable methods for implementation
- Negotiate supply contracts for raw materials to lower purchase costs by 15%
- Prepare detailed negotiation strategy with cost reduction targets
- Research suppliers for competitive pricing on required raw materials
- Initiate contract negotiations with selected suppliers
- Reduce waste material in fabrication by 20% to save costs
- Review and optimize fabrication processes to minimize waste
- Invest in waste-reducing technology or equipment
- Implement training on material efficiency for fabrication staff
Procurement Team 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's audit dashboard will highlight opportunities to improve OKRsTip #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'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 Procurement Team 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
Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKR platform to make things easier.
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 Procurement Team OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to enhance the overall quality and operations of the childcare centre
- OKRs to enhance cross-functional collaboration and communication
- OKRs to enhance review frequency for financial statements
- OKRs to improve the efficiency of the chargeback recovery process
- OKRs to minimize application downtime to improve performance
- OKRs to raise Customer Score and Customer Engagement Rate
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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