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 is a major toy retailer that has struggled in recent years because of a lack in innovation in its business strategy. 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. It has been difficult for the company to keep up with the ever-changing retail environment and increased competition from online retailers. Toys R Us is not yet fully accepting the shift towards e-commerce and has struggled to compete effectively with Amazon and Walmart. The company also hasn’t invested in the right technology such as artificial intelligence and automation, which would have increased operational efficiency and decreased costs.

We propose a reward and measurement system to improve innovation. The system could include setting clear innovation metrics and targets, like the number of product launches and the adoptions of new technology, and rewarding those who achieve or surpass these goals. It will inspire employees to be creative and generate new ideas for the benefit of the company.

We also propose a creative problem-solving process. It would encourage employees to find problems and issues in the organization, then brainstorming solutions. It is also important to involve employees at all levels of the company, since different perspectives may lead to better solutions.

Implementation and Evaluation: After identifying new, innovative ideas, it’s important to execute them quickly and efficiently.

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