Tability is a cheatcode for goal-driven teams. Set perfect OKRs with AI, stay focused on the work that matters.
What are Supplier 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.
Creating impactful OKRs can be a daunting task, especially for newcomers. Shifting your focus from projects to outcomes is key to successful planning.
We have curated a selection of OKR examples specifically for Supplier 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 Supplier 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.
Supplier Management OKRs examples
We've added many examples of Supplier Management 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 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 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 double weekly cocoa purchases from December harvest
- ObjectiveDouble weekly cocoa purchases from December harvest
- KRImprove cocoa purchase process efficiency to reduce time spent by 30%
- Implement automated system for cocoa supply ordering and tracking
- Review and streamline existing purchase procedures
- Train staff on efficient cocoa purchase strategies
- KRSecure 3 new reliable cocoa suppliers by next quarter
- Finalize agreements with chosen suppliers
- Initiate contact and assess potential suppliers
- Research and identify reliable cocoa suppliers worldwide
- KRIncrease weekly purchases agreement with existing suppliers by 50%
- Develop incentive programs for higher volume purchases
- Improve forecasting accuracy to justify increased volumes
- Initiate negotiations to revise current supplier contracts
Supplier 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
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
Quarterly OKRs should have weekly updates to get all the 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
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 Supplier Management OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to establish a strong personal brand for Carnevali's human management and project endeavors
- OKRs to develop creator for third person game creation
- OKRs to gain comprehensive knowledge of the inventory platform
- OKRs to enhance ability to handle challenging customer situations
- OKRs to secure a role as a band director
- OKRs to strengthen overall company cybersecurity knowledge and protocol compliance