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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.
The best tools for writing perfect Procurement Team 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.
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!
OKRs to enhance Procurement Process Efficiency
ObjectiveEnhance Procurement Process Efficiency
KRIncrease vendor satisfaction rate to 90%
Review and optimize terms of agreements with vendors- Improve communication to ensure vendors' needs are met
- Implement vendor feedback surveys to gather insight
- KRReduce average procurement cycle time by 20%
- Review and eliminate unnecessary steps in procurement process
- Implement digital procurement systems to increase efficiency
- Streamline supplier selection process for faster decision-making
- KRLower procurement-related errors by 15%
- Implement routine audits for potential procurement errors
- Establish a standardized procurement process across the organization
- Equip staff with advanced procurement software training
OKRs to optimize and streamline procurement processes
- ObjectiveOptimize and streamline procurement processes
- KRAchieve 100% supplier compliance with procurement policies and standards
- Develop comprehensive procurement policies and communicate them to all suppliers
- Implement regular trainings to ensure suppliers' understanding and compliance
- Establish consistent monitoring systems to track suppliers' adherence to standards
- KRReduce the total cost of procurement by 15% without compromising quality
- Negotiate better contracts with existing suppliers
- Implement cost-effective procurement software
- Consolidate supplier base to increase bargaining power
- KRImplement a new procurement software to reduce processing time by 30%
- Research and select a reputable procurement software
- Monitor and measure processing time improvements
- Train staff on new procurement software usage
OKRs to improve procurement documentation through thorough auditing
- ObjectiveImprove procurement documentation through thorough auditing
- KRPropose 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
- KRConduct 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
- KRDetect 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
OKRs to acquire cost-effective new media for Wallop
- ObjectiveAcquire cost-effective new media for Wallop
- KRNegotiate at least 30% reduction in costs with 3 existing media vendors
- Conduct negotiation meetings with vendors
- Draft proposal for 30% cost reduction
- Identify top three media vendors for negotiation
- KRImprove internal media procurement processes to reduce acquisition costs by 20%
- Train staff on cost-effective procurement strategies
- Implement centralized purchasing to streamline buying process
- Negotiate bulk rates with preferred media vendors
- KRIdentify and establish partnerships with 5 new low-cost media providers
- Research potential low-cost media providers in the market
- Evaluate options based on cost, services and reputation
- Reach out and establish contracts with chosen providers
OKRs to master Microsoft 365 Copilot program for efficient procurement
- ObjectiveMaster Microsoft 365 Copilot program for efficient procurement
- KRApply 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
- KRComplete 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
- KRAchieve 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
OKRs to accelerate overall procurement processes
- ObjectiveAccelerate overall procurement processes
- KRSlash approvals waiting time by 25%
- Provide employee training to expedite approvals
- Implement an automated approval system for efficiency
- Prioritize urgent approvals daily
- KRReduce current supplier response times by 20%
- Revisit current contracts and agreements for possible revisions
- Provide timely feedback to suppliers to encourage improvement
- Implement more efficient communication methods with suppliers
- KRDecrease purchase order errors by 30%
- Conduct regular training sessions on proper purchase order submission
- Establish mandatory accuracy checking protocols before submission
- Implement advanced automated software for purchase order management
OKRs to enhance profit margins through optimized payables management
- ObjectiveEnhance profit margins through optimized payables management
- KRImprove supplier early payment discounts by 15%
- Implement systematic early payment process to assure discount application
- Negotiate improved discount rates with existing suppliers
- Analyze current supplier contracts for early payment discount potential
- KRReduce invoice processing costs by 20% through automation
- Train staff on using new automation system
- Monitor and optimize automated invoice processes
- Implement automated invoice processing software
- KRDecrease late payment penalties by 30% by streamlining payment processes
- Implement automatic payment reminders for upcoming dues
- Simplify payment portal for easier navigation
- Integrate multiple payment options to facilitate payments
OKRs to achieve significant reduction in operations cost
- ObjectiveAchieve significant reduction in operations cost
- KRDecrease 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
- KRProcure 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
- KRImplement 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
OKRs to streamline and optimize purchasing process
- ObjectiveStreamline and optimize purchasing process
- KRAchieve a 10% cost reduction through strategic supplier partnerships
- Monitor and assess the cost-saving performance regularly
- Identify suppliers for potential strategic partnerships
- Negotiate costs and build agreements with chosen suppliers
- KRDigitize 100% of paper-based purchase orders for better traceability
- Implement a digital purchase order system
- Train staff on new digital order process
- Scan all existing paper-based purchase orders
- KRReduce supplier lead time by 15% through improved negotiations
- Implement new strategies with suppliers during renewal talks
- Identify key suppliers and analyze their current lead times
- Develop new negotiation strategies focusing on lead time reduction
OKRs to improve efficiency in raw material procurement for Bikanerwala FMCG
- ObjectiveImprove efficiency in raw material procurement for Bikanerwala FMCG
- KREnhance supplier reliability to achieve 95% on-time raw material delivery
- Regularly evaluate and provide feedback to suppliers
- Implement technology for accurate order and delivery tracking
- Review and strengthen raw material supplier contracts and agreements
- KRNegotiate contracts with suppliers for a 10% reduction in raw material costs
- Research past purchase invoices to determine current supplier charges
- Set up meeting with suppliers to discuss new contract terms
- Prepare proposal outlining desired 10% cost reduction
- KRImplement a digitized inventory system to reduce wastage by 15%
- Train employees on the new digital inventory system
- Monitor inventory and adjust system for maximum efficiency
- Research and select an appropriate digital inventory system
Procurement Team 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
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 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 Procurement Team OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to enhance environmental responsibility in our daily operations
- OKRs to enhance platform usability for heightened customer satisfaction and retention
- OKRs to boost inbound sales performance
- OKRs to foster higher productivity through effective team collaboration
- OKRs to enhance quality and operations of the childcare centre
- OKRs to improve consulting services