Passwords are commonly used because they have a lot going for them -
* people understand them
* they're reasonably easy to implement (especially if you are savvy enough that you only store an md5 or whatever, not the password)
* most password interfaces are accessible
You mention phone-based - Google wants me to give them my mobile phone number to enable 2 factor security via SMS, but (1) I don't have a mobile phone, (2) if I did, there's no reception where I live, (3) when I did have one, SMS messages were not free to receive.
Picture-based systems don't work for people who can't see the pictures. So you need to research an alternative that works for blind users, and possibly also a low-bandwidth alternative that does not rely on audio or video as a fallback for blilnd users.
So your replacement should start out being accessible and should not cost money for the end user, and should not rely on unreliable external systems (phone netowrk) unless those are all Ok and a given in your environment - even then, locking out even a single blind or mobility impaired employee because they couldn't see the picture or didn't react quickly enough can open your company to a painful law suit large enough to make reverting to passwords seem like a win.
I don't want to put you off from innovating - but innovat to solve real problems that you've measured, with solutions that have been tested, and that introduce as few new problems as possible.