Tability is a cheatcode for goal-driven teams. Set perfect OKRs with AI, stay focused on the work that matters.
What are Expense Reduction 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.
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 Expense Reduction 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.
The best tools for writing perfect Expense Reduction 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.
Expense Reduction OKRs examples
We've added many examples of Expense Reduction 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!
OKRs to optimize IT costs by reducing expenses by 20%
ObjectiveReduce IT expenses by 20%
KRAnalyze previous quarter expenses and identify areas for cost reduction
Determine cost-saving opportunities- Identify spending patterns
- Review expenses
- Implement cost reduction measures
- KREducate 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
- KRNegotiate 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
- KRImplement solutions and track savings
- Identify opportunities for cost reduction
- Implement cost-saving solutions
- Track and report realized savings
- Prioritize solutions based on potential savings
OKRs to maximize financial growth and stability
- ObjectiveMaximize financial growth and stability
- KRCut non-essential expenses by 10% per month
- Review and categorize all current expenses
- Implement a 10% reduction on identified non-essentials
- Identify non-essential costs for potential reductions
- KRInvest 15% of monthly income into high-yield interests
- Make regular payments into selected investment
- Calculate 15% of your monthly income
- Research high-yield interest opportunities
- KRIncrease monthly savings by at least 20%
- Minimize lifestyle expenses and unnecessary purchases
- Review current budget and identify areas for potential cost reduction
- Automate an increased percentage of income directly to savings
OKRs to reduce delivery service expenses
- ObjectiveReduce delivery service expenses
- KRLower 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
- KRImplement 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
- KRDecrease 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
OKRs to streamline corporate general and administrative expenses
- ObjectiveStreamline corporate general and administrative expenses
- KRSlash administrative costs by 15% through process improvements
- Implement automation technology for routine tasks
- Conduct training on new streamlined processes
- Identify inefficiencies in current administrative processes
- KRIncrease revenue to cost ratio by 20% via strategic resource allocation
- Continually monitor and adjust resource allocation
- Redistribute resources to maximize efficiency
- Identify profitable and underutilized resources
- KRImplement cost control mechanisms reducing overspending by 10%
- Identify areas of excessive spending within current budget
- Develop and implement cost control policies
- Monitor and record savings from implemented policies
OKRs to drastically decrease operational expenses
- ObjectiveDrastically decrease operational expenses
- KRDecrease supply chain costs by 10% through vendor negotiations and solutions
- Develop strategies for productive pricing discussions
- Implement cost-effective vendor management solutions
- Identify vital vendors for price renegotiation
- KRReduce energy consumption by 15% with sustainable initiatives
- Implement company-wide training on energy-saving practices
- Regularly audit and maintain equipment for optimal efficiency
- Install energy-efficient appliances and light fixtures
- KRImplement effective automation tools, boosting productivity by 25%
- Monitor and adjust processes to achieve 25% productivity increase
- Implement and integrate chosen automation tools into daily operations
- Research and identify suitable automation tools for business processes
OKRs to boost profitability via disciplined revenue and expense management
- ObjectiveBoost profitability via disciplined revenue and expense management
- KRIncrease 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
- KRDecrease 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
- KRAchieve 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
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
Expense Reduction 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
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.
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.
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
Your quarterly OKRs should be tracked weekly if you want 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
Spreadsheets are enough to get started. Then, once you need to scale you can use 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 Expense Reduction OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to increase player base by 20%
- OKRs to reinforce innovation within the finance department operations
- OKRs to complete Mid-Office documentation in Confluence
- OKRs to achieve successful leadership and execution of the 12 days project
- OKRs to optimize team resourcing for program commitments
- OKRs to significantly improve the timeliness of projects