OKRs combine measurable goals with purpose-driven objectives so that teams within an organisation can more dynamically and effectively pursue their mission. OKRs are designed to create clarity and drive progress by providing a focal point for all activity; OKRs are meant to be aspirational but achievable, allowing teams to measure progress through regular checking of the numerical results, facilitating both accountability and visibility into company performance.
It can be a challenge to figure out what objectives and key results should be set for a successful finance team. OKRs provide teams with flexibility and ambition, turning strategies into achievable goals after breaking them down into small, manageable steps. Aligning OKRs with the wider organizational goals gives teams objectives that are measurable, achievable, realistic and have an impact.
Why choose OKRs for your finance team?
OKRs are an easy and effective way to measure progress on goals related to financial objectives. OKRs provide clarity around the ‘what’, along with how specific goals will be achieved and when. By mapping out OKRs that fit your organizational initiatives and align with other OKR-focused teams, you can elevate the level of performance among your finance team. That is why OKRs are the ideal choice for setting and measuring progress towards financial objectives!
Here are some OKR Examples for finance Teams
Objective: Improve expense management to increase profitability
- Identify the top 3 expense areas
- Reduce monthly expenses by 15%
Objective: Improve the annual budgeting process
- Train 2 Department heads on a new process
- Get sign-off for budget from all leads
Objective: Successfully pass an external audit
- Reduce the number of audit findings to <3
- Reduce the time of audit from 5 weeks to 3 weeks
- Keep everything Transparent
The consistent use of OKRs has been proven to increase motivation, focus on the right tasks, enable greater collaboration between team members, and ultimately, produce better results for every department.
OKRs have become a way of life for many businesses, and Huminos OKR Software stands out when it comes to helping you keep track of all your OKRs. Its awesome features allow users to set OKRs, measure results, and foster collaboration—all with a simple-to-use system. And don’t worry about trying to get everyone in one place—Huminos is seamlessly integrated into various popular platforms, so everyone can stay on the same page. Whether you’re a large company or a small team just starting, Huminos OKR Software has got you covered!