The concept of OKR is everywhere, even in business intelligence.
Does your startup need a new goal-setting framework? Does it seem as if nothing is being done, missions aren’t aligning, and the sharing of ideas is becoming more difficult? You probably just need a great framework for bringing people together– and OKR is one excellent option.
In this guide, we’ll explore what OKR is and how it could benefit your business.
OKR is absolutely worth implementing into your existing goal-setting strategy, but it might not be helpful in specific use cases.
OKR refers to Objectives and Key Results. This is a special goal system developed and used by Google (among other enterprises) for setting goals. OKR is a very simplistic but ultimately very successful tool that startups and entrepreneurs can use to create alignment and overall engagement around their measurable and achievable goals.
OKR is very different from every day, traditional planning methodologies. OKRs are constantly being set, monitored, managed, tracked, and re-considered on a quarterly (or sometimes monthly) basis. OKR is very simple in nature and very fast-paced, designed to engage each and every team member’s unique perspective and potential creativity.
Creating a specific type of alignment within the organization is the goal of OKR. It is designed to make sure that everyone in the company is going in the same direction with clear and concise priorities that follow a steady flow.
One of the biggest differences between successful and unsuccessful businesses is how dedicated one’s workforce is to the success of the company. If goals between leaders and staff aren’t similar, then it certainly makes sense why a high turnover rate and lack of morale would become an issue.
With OKR, you can ensure that your whole team is on the same path and has similar goals professionally.
The original idea for OKR actually didn’t come from Google. It started at Intel and eventually spread to other major and prospective Silicon Valley companies throughout the 1990s. Google adopted the OKR framework for goal-setting around 1999, during its first year in business.
OKR could be seen as one of the many factors that lead to Google becoming a massive enterprise today. Outside of Google, companies like Twitter, Walmart, ING Bank, and LinkedIn use OKR for goal-setting.
OKR is broken down into the following template:
Objective: This would be a simple sentence description of what you want to achieve. It should be short and engaging.
There are a ton of benefits to implementing OKR into your goal-setting strategy, which include the following:
No framework is perfect or ideal for every business, which is why these downsides to OKR are worth noting:
Even though OKR is simple, it can still be a bit difficult to understand. Let’s consider some examples.
A CEO might have an OKR that looks like this:
Objective: Start scaling our company.
An overall business OKR could look like this:
Objective: Make our company’s customers happy.
For marketing teams, a good OKR might look like this:
Objective: Generate more marketing qualified leads than we did last quarter.
We all know how OKRs can help you with your business, and you can only maximize the benefits of OKR to your business if you have the best business intelligence tool for your needs.
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How was our guide to the benefits of OKR? We want to hear your thoughts in the comments below.