On the 10th of July, we conducted our first OKR Lean Coffee hosted by the OKR Consortium. Despite the great weather outside, we still had many fruitful discussions. Below are some examples of questions from the audience and comments from our experts.

1. How can we use OKRs in the finance division, not just in IT?

The first step here is to differentiate between "run" operational activities and "change." Run activities should be tracked using KPIs, but finance change activities, such as implementing a new reporting system, can be managed through OKRs. It's important to understand that not 100% of the finance division's capacity can be managed in OKR format, as there is usually a significant amount of operational work involved. Here are some suggested OKRs for finance teams:

Objective: Increase accuracy in financial change documentation to achieve a 95% error-free rate.
Key Result 1: Ensure that more than 80% of documents have a 95% error-free rate.
Key Result 2: Propose and validate at least three measures to improve document quality in the future.

Objective: Establish a comprehensive change tracking system to monitor and report the progress of financial changes.
Key Result 1: Ensure that more than 60% of financial changes are recorded and tracked in the new system.
Key Result 2: Keep the error rate of recorded changes below 3%.

Objective: Enhance cross-functional collaboration by successfully implementing two joint change initiatives with other departments.
Key Result 1: Execute and sign off on at least two joint change initiatives.
Key Result 2: Receive 4-5-star feedback from collaborating teams.

2. Executive Memo (Executive Memorandum) can be a great instrument to communicate the organization's intent to stakeholders.

An Executive Memo can be described as a vision, but with a shorter lifespan, usually a year. It should include a clear story of what the company wants to achieve and why.

Example of an Executive Memo from Warren Buffett.

3. The importance of a strategic session in setting OKRs.

A strategic session is a valuable tool for aligning the next cycle's strategy with the management and key stakeholders. It should be conducted before the OKR cycle begins to base OKRs on the session's outcomes. It is not an easy task to conduct this session with multiple key stakeholders; it requires a clear structure, design, an experienced facilitator, and a results-oriented approach.
The OKR Consortium suggests the following structure for the Strategy Session.

4. What is the difference between an OKR Practitioner and an OKR Coach?

The OKR Practitioner course is designed for OKR beginners who understand the concept but are unsure how to apply it. We mostly recommend it to teams that are starting to work with OKRs and their stakeholders. On the other hand, the OKR Coach training is intended for OKR Coaches or OKR Program Managers who are responsible for implementing OKRs in the organization and training other practitioners.

5. OKRs and AI

AI, such as ChatGPT or Google Bard, can assist in creating excellent summaries based on OKR brainstorming. However, the accuracy and precision of OKR formulation are crucial, as AI may replace key words that could alter the overall meaning of the OKR.

In our blog we analyzed 5 use cases for AI application in OKR: AI Supercharges OKRs: Explore 5 Game-Changing Use Cases | OKR Consortium.