Tability is a cheatcode for goal-driven teams. Set perfect OKRs with AI, stay focused on the work that matters.
What are Cost 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.
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 Management 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.
The best tools for writing perfect Cost Management OKRs
Here are 2 tools that can help you draft your OKRs in no time.
Tability AI: to generate OKRs based on a prompt
Tability AI allows you to describe your goals in a prompt, and generate a fully editable OKR template in seconds.
- 1. Create a Tability account
- 2. Click on the Generate goals using AI
- 3. Describe your goals in a prompt
- 4. Get your fully editable OKR template
- 5. Publish to start tracking progress and get automated OKR dashboards
Watch the video below to see it in action 👇
Tability Feedback: to improve existing OKRs
You can use Tability's AI feedback to improve your OKRs if you already have existing goals.
- 1. Create your Tability account
- 2. Add your existing OKRs (you can import them from a spreadsheet)
- 3. Click on Generate analysis
- 4. Review the suggestions and decide to accept or dismiss them
- 5. Publish to start tracking progress and get automated OKR dashboards
Tability will scan your OKRs and offer different suggestions to improve them. This can range from a small rewrite of a statement to make it clearer to a complete rewrite of the entire OKR.
Cost Management OKRs examples
You will find in the next section many different Cost Management 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!
OKRs to implement effective cloud cost management and budget alignment strategies
ObjectiveImplement effective cloud cost management and budget alignment strategies
KRIncrease forecast accuracy for cloud spending by 20% via predictive analytics
Continuously improve data models for better forecasting accuracy- Implement rigorous testing and validation of predictive models
- Develop precise predictive analytics algorithms for cloud spending
- KRReduce overall cloud expenditure by 15% using cost-optimization strategies
- Identify and eliminate underutilized or idle cloud resources
- Optimize cloud storage and data transfer processes
- Implement automation and scale-down capabilities
- KRImplement a cloud cost governance framework that achieves 100% budget adherence
- Establish financial controls and reporting tools
- Monitor cost usage and optimize resources regularly
- Define a strict budget for your cloud services
OKRs to increase cost management efficiency for people and operations
- ObjectiveIncrease cost management efficiency for people and operations
- KRImplement 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
- KRTrain 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
- KRReduce 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
OKRs to implement effective cost goal setting process
- ObjectiveImplement effective cost goal setting process
- KRIdentify potential opportunities for cost savings across all departments
- Analyze existing expenses for each department
- Study external market trends for cost-saving chances
- Evaluate efficiency of current operational processes
- KREstablish a tracking system for monthly cost performance against set objectives
- Implement and test the tracking system
- Evaluate current costs and define performance objectives
- Choose suitable cost tracking software
- KRDecrease operational costs by 15% through optimized resource allocation
- Develop an effective resource allocation plan
- Train staff in resource optimization techniques
- Identify areas with substantial resource wastage
OKRs to lower unvalued inventory by 10%
- ObjectiveLower unvalued inventory by 10%
- KRImplement disposal or revaluation strategy for 50% of identified items
- Evaluate current market value for selected items
- Identify potential buyers or recyclers for 50% of identified items
- Initiate negotiations or disposal process
- KRIdentify top 20% of unvalued items within two weeks
- Rank items based on set criteria
- Establish criteria for determining item value
- Assess inventory for potential unvalued items
- KRAchieve 5% reduction in unvalued inventory every month
- Increase sales promotions to eliminate unvalued inventory
- Conduct regular audits to identify obsolete inventory
- Implement a better management system for stock levels
OKRs to increase revenue to achieve $25,000 gain
- ObjectiveIncrease revenue to achieve $25,000 gain
- KRDecrease operational expenses by 5% through cost management strategies
- Negotiate with vendors to lower expenses on supplies
- Review and streamline business processes for efficiency
- Implement energy-efficient practices to decrease utility costs
- KRIncrease sales conversion rate by 10% through strategic marketing initiatives
- Optimize website for enhanced user experience
- Implement targeted advertising based on customer behavior analysis
- Develop a personalized email marketing campaign
- KRLaunch 2 new profitable products or services to augment revenue stream
- Identify potential products or services based on market demand
- Execute a strong marketing and sales strategy
- Develop a comprehensive business plan for each product
OKRs to improve efficiency and effectiveness in facilities management
- ObjectiveImprove efficiency and effectiveness in facilities management
- KRAchieve 90% satisfaction rate in employee facilities survey
- Implement updates and improvements based on feedback
- Conduct an initial survey to gauge current satisfaction levels
- Regularly communicate improvements to employees
- KRReduce maintenance response time by 15%
- Implement an automated maintenance request tracking system
- Increase maintenance staff availability
- Train techs on response time reduction strategies
- KRDecrease facilities-related expenses by 10%
- Regularly maintain and repair equipment to avoid costly replacements
- Implement energy-efficient lighting and heating systems
- Negotiate lower rates with utilities providers
OKRs to streamline vendor management for efficient cost savings and digitalized P2P process
- ObjectiveStreamline vendor management for efficient cost savings and digitalized P2P process
- KRReduce vendor costs by 15% through negotiation and strategic sourcing
- Develop and implement strategic sourcing strategies with chosen vendors
- Identify all current vendor contracts and review cost details
- Prioritize vendors for renegotiation based on potential cost savings
- KRImprove P2P process turnaround time by 30%, leveraging digital tools and automation
- Train staff on efficient use of new automation tools
- Optimize P2P process workflow with AI-powered tooling
- Implement digital systems to automate invoice generation and payment
- KRAchieve 90% digitalization of P2P processes to enhance operational efficiency
- Implement digital software platforms for P2P interactions
- Monitor and evaluate digitalization progress regularly
- Train staff on digital P2P process management
OKRs to increase adoption of solar energy to reduce fuel expenses
- ObjectiveIncrease adoption of solar energy to reduce fuel expenses
- KRAchieve a 15% reduction in overall fuel costs through implemented solar solutions
- Identify areas with high energy consumption for solar panel installation
- Negotiate and finalize contracts with solar solutions providers
- Monitor and maintain all installed solar systems regularly
- KRSecure a minimum of three partnerships with solar technology providers by next quarter
- Initiate contact and discuss potential collaborations
- Negotiate and finalize at least three partnerships
- Identify potential solar technology providers for partnership
- KRConvert at least 20% of existing fuel-based power sources to solar solutions
- Identify and evaluate potential sites for solar panel installation
- Implement solar power systems and monitor efficiency
- Procure necessary solar power equipment and materials
OKRs to grow personal net worth to $1M
- ObjectiveGrow personal net worth to $1M
- KRInvest 30% of income in high-yield, low-risk opportunities
- Allocate funds towards selected investment opportunities
- Determine the amount equalling 30% of your yearly income
- Research high-yield, low-risk investment options
- KRIncrease monthly income by 50% through diversifying income streams
- Learn and engage in e-commerce or online business opportunities
- Explore and invest in a variety of income generating assets
- Start a side job or freelance work related to your skills
- KRReduce monthly expenses by 20% through budgeting and disciplined spending
- Establish a strict weekly budget and stick to it
- Cut out unnecessary expenses such as dining out
- Regularly review and adjust spending habits
OKRs to enhance cloud efficiency while managing costs
- ObjectiveEnhance cloud efficiency while managing costs
- KRReduce cloud resource wastage by 20% without affecting performance
- Enhance cloud resource allocation based on usage patterns
- Delete unused virtual machines and storage volumes
- Implement efficient workload balancing on existing cloud infrastructure
- KRImprove cloud server response time by 15%
- Optimize database queries and indexing
- Upgrade server infrastructure to a higher-performance specification
- Implement load balancing across multiple cloud servers
- KRDecrease cloud service expenditure by 10% through efficient resource management
- Analyze current cloud service usage to identify wastage
- Enforce strict policies for cloud service usage
- Develop a plan to consolidate and optimize resources
Cost Management OKR best practices
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.
Tip #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.
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.
Save hours with automated OKR dashboards
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
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 Tability to save time with automated OKR dashboards, data connectors, and actionable insights.
How to get Tability dashboards:
- 1. Create a Tability account
- 2. Use the importers to add your OKRs (works with any spreadsheet or doc)
- 3. Publish your OKR plan
That's it! Tability will instantly get access to 10+ dashboards to monitor progress, visualise trends, and identify risks early.
More Cost Management OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to minimize fraudulent transactions on debit cards
- OKRs to achieve record profitability
- OKRs to increase foot and public transit commutes
- OKRs to enhance metrics quality and interpretability
- OKRs to enhance data-driven decision making using shopper data
- OKRs to cut down outstanding ticket backlog substantially