Harvey Industries Case Study Example | Topics and Well Written Essays - 750 words

Harvey Industries - Case Study Example As regards contemporary global business practice, Stevenson (2010, p. 613) identifies the importance of due diligence in ensuring sustainable supply chain management. It is, therefore advised that the company employ key components of due diligence which would make the company function in line with other global competitors. Indeed, if the company wants to succeed, it must ensure that there is due diligence in all supply models and that existing competitors are made the target of competition. One of the best practices that the company can put in place to bring about due diligence is to â€Å"ensure that they are aware of, and can describe, the risk of violations taking place, and their potential harm† (The Danish Council for Corporate Social Responsibility, 2010). Secondly, it is recommended that risk assessment that leads to the identification of the sphere of influence be embarked upon. According to Stevenson (2010), companies that consider the sphere of influence ensure that there is the appropriate recognition of the company’s responsibility and attempts regarding supply chain management. Once such recognition is in place, the company obtains a better understanding of its scope of demands and acts to reach a stipulated level of demand. Finally, structural adjustment at the human resource level is highly recommended. There is an adage that new wine is not stored in an old wine sack. Essentially, there should be some bold managerial decision such as the decision to change suppliers and other stakeholders. who are instrumental in the supply chain management but whose actions have led to the current crisis experienced by the company. Recommendations for Inventory Management Inventory management will remain a very crucial aspect of the company if it wants to rise from its present financial distress and get back on the track of success. This is because inventory management will remain the single gateway for the company to ensure responsibility and