August 25, 2017
Cyprus is one of the countries where drones will be used by services firm Ernst & Young (EY) for auditing, following a pilot study introducing a combination of drones and pioneering industry software.
According to the firm, the unmanned flying devices will initially be used in the manufacturing and retail sectors.
Audits for car manufacturers, for example, will use the drones to conduct an automated count of vehicles at manufacturing plants. In retail sector audits, for a warehouse stock count, the drones will work autonomously while using image and object recognition tools such as optical character recognition and barcodes or labels to collect inventory information—especially during off-hours—to minimize audit stakeholder risk and improve efficiency.
The information will be fed into a digital platform of the audit department which connects more than 80,000 auditors.
“Whether we are developing our people, our capabilities or our services, we are committed to our goal of creating a better working world in EY. Now more than ever, we embrace new digital technologies not only to provide more effective business solutions and greater transparency to our customers but also to improve the quality of our control process,” Director of EY in Cyprus, Stavros Panzaris, said.
The head of the services firm in the EU, Hermann Sidhu, said the use of drones has been monitored for several months and the results have been convincing, so this is the time to extend testing to various sectors worldwide.
Drones have exploded onto the business world in recent years and serve a variety of essential purposes in a number of industries where they are used mainly for maintenance and inspection.
They also have a wide range of other usages. In agriculture, they can identify and take inventories of crops, in architecture they create accurate designs, they can deliver items from pizza to books, and they are useful for environmental monitoring—checking for forest fires and numbers of animals.
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Original headline: EY to use drones for auditing in Cyprus
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