Organizations are increasingly searching for ways to ensure approved initiatives are effectively aligned to strategic priorities. As a result, there has been a significant shift towards the use of Objectives and Key Results (OKRs).
OKRs are used to leverage the measurement for ‘Value’ and can help organizations put useful metrics in place to track their project activities.
One of the best resources for understanding OKRs is John Doerr’s book, Measure What Matters – How Google, Bono and the Gates Foundation Rock the World with OKRs.
Doerr explains how Objectives and their associated Key Results are valuable tools that help organizations to ensure they are focused on the right goals and the delivery of value. They also help enterprises understand how to measure their progress towards their goals (Objectives).
While it is common for organizations to have Objectives in place, many do not know how to track them with Key Results. So, what are Key Results?
Key Results are the metrics which can be measured and are tied directly to an Objective. When mapped back to Objectives, they provide a valuable tracking and reporting tool for leaders’ priorities and insights.
Another common challenge for implementing OKRs is that the bigger an organization becomes, the harder it is to gain visibility and track them across the entire enterprise. The great news is that Clarity allows for easy tracking and reporting of Objectives and Key Results.
As an example, I have worked with a hospital that has undertaken extensive strategy planning by way of OKRs. One of their Objectives stated they wanted to advance their mental health strategy. This Objective was then measured by Key Results such as ‘secure external funding for child psychiatry portal to >= $500K annually’.
This Key Result was then reported upon and analyzed on a monthly basis by way of measurable metrics. For instance, the first month indicated that $10,000 of funding had been establish (and a status of ‘At Risk’ was assigned to the measure at that stage). However, by the end of the financial year, they achieved more than $700k in funding, so they were able to report on this and indicate that their initiative was ‘On Track’.
Clarity’s Modern User Experience provides significant capabilities to allow end users to create and track their organization’s OKRs. In this article we’ll take you through how to configure Custom Investment Types (CITs), objects and blueprints, so that your organization can leverage the power of OKR tracking.