The acronym OKR stands for Objectives and Key Results, a popular goal management framework that helps companies implement and execute strategy. We used all the time. No need of software.
If implemented well, the benefits of the framework include a better focus on results that matter, increased transparency, and better (strategic) alignment. OKR achieves this by organizing employees and the work they do around achieving common Objectives.
An OKR consists of an Objective, which tells you where to go, and several Key Results, which are the results you need to achieve to get to your Objective. Initiatives are all the projects and tasks that will help you achieve your Key Results.