Have you ever heard of OKR? This abbreviation stands for Objectives and Key Results. It is a management methodology that was developed by Andrew S. Grove, former CEO of Intel, and popularized by Google, which has used it since 1999. OKR is a way of setting targets and monitoring progress in a simple and clear manner, aligned with your company’s business strategy.
OKR is made up of two main elements: the Objective (O) and the Key Results (KR). The objective is a qualitative statement that expresses what you want to achieve in an inspiring and challenging manner. Key results are the quantitative indicators that measure the success of the objective in a specific and measurable manner.
For example, an objective could be “Improve customer satisfaction” and the key results might be:
- Increase NPS (Net Promoter Score) from 70% to 85% by the end of the quarter.
- Reduce average support response time from 24 hours to 12 hours by the end of the month.
- Increase the customer retention rate from 80% to 90% by the end of the year.
Benefits of OKR
OKR is a powerful methodology that can provide organizations with a number of benefits, such as:
- Focus: by defining clear and prioritized objectives, the company avoids wasting time and resources on activities that do not add value or that are not aligned with the business strategy.
- Transparency: by making objectives and key results visible to all employees, the company promotes a culture of trust, collaboration and shared responsibility.
- Agility: by frequently monitoring key results, the company can quickly identify performance deviations and take the necessary corrective actions.
- Innovation: by establishing challenging and ambitious objectives, the company stimulates creativity, learning and experimentation among employees.
How can you implement OKR in your company? That’s where SoftExpert OKR comes in, the new SoftExpert component that facilitates the management of objectives and key results in organizations. With this tool, you can:
- Establish period: you can define the period in which your objectives will be evaluated, such as quarters, semesters or years. Period sdelimit the start and end dates of your objectives and help group your key results.
- Define objectives: you can define your objectives in a simple and intuitive manner, assigning a title, a period , a responsible and a description.
- Define key results: you can determine the key results for each objective, specifying a title, the responsible, weight, result type, initial value, final value and value criteria. You can also create initiatives by associating your key results with other SoftExpert components, such as Kanban, Action plan and Project.
- Check in: You can track the progress of your key results periodically, updating the current value and recording comments on progress. You can also view the percentage of completion of your key results and objectives.
The new SoftExpert OKR component allows you to manage your objectives and key results easily, quickly and integrate them with the SoftExpert platform. With SoftExpert OKR, you can transform your strategy into actions, align your employees with your goals and achieve extraordinary results!
Access the Release Notes to learn more about these and other new features in SoftExpert Suite 2.2.1.