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.