Write a business proposal to the organization’s (Toys R Us) Board of Directors to revitalize the organization through some well thought out innovative strategies. Give an analysis of the missed opportunities for innovation which have negatively impacted the organization.

Introduction: Toys R Us, a leading toy retailer, has been struggling in recent years due to a lack of innovation in their business strategies. In order to revitalize the organization, this proposal will outline specific innovative strategies that can be implemented to improve the company’s performance and secure a competitive advantage in the retail industry.

Missed Opportunities for Innovation: One of the main reasons for Toys R Us’ decline has been the missed opportunities for innovation in their business strategies. The company has failed to adapt to the changing retail landscape and the increasing competition from online retailers. Toys R Us has not fully embraced the shift to e-commerce, and as a result, has been unable to effectively compete with the likes of Amazon and Walmart. Additionally, the company has not invested enough in technology, such as automation and artificial intelligence, which could have improved operational efficiency and reduced costs.

Innovation Measurement and Reward Systems: To address these missed opportunities, we propose the implementation of an innovation measurement and reward system for existing employees. This system would involve setting specific innovation targets and metrics, such as the number of new product launches or the adoption of new technologies, and rewarding employees who meet or exceed these targets. This will encourage employees to think creatively and come up with new ideas that can benefit the company.

Creative Problem Solving: In addition, we propose the implementation of a process for creative problem solving. This process would involve encouraging employees to identify problems and challenges that the company is facing, and then brainstorming and evaluating potential solutions. This process would also involve involving employees from different departments and levels in the organization, as diverse perspectives can lead to more innovative solutions.

Implementation and Evaluation of Innovation: Once new and innovative ideas have been identified, it is important to implement them in a timely and effective manner.