December 30, 2019
Stockpile inventory is a common use case for drones and it can simplify the audit process immensely. Drones have been able to solve a problem that many organizations face; a lack of resources. When year-end arrives, companies scramble to complete their annual inventory measurements for audit purposes. Resources are responsible for production, but also for gathering inventory numbers for sales and operations teams on a frequent basis. At the end of the year, the auditors begin asking for their inventory numbers as well. It’s important for organizations to be efficient in order to keep up with the demand of the day-to-day while meeting the auditor’s requirements in a timely fashion.
Improved efficiency is the number one benefit of audit-ready inventory numbers. When year-end arrives, companies want reliable data numbers they can trust that are ready for auditors to review with little to no human involvement. Stockpile Reports enables companies to capture inventory measurements via iPhone or drone in minutes. The inventory numbers are third-party compliant, meaning it can be used for audit purposes with very little human intervention.
When it comes time for auditors to review, auditors can be given temporary access to the portal itself, meaning they can independently find the answers to their inventory questions. You won’t need to run around gathering old documentation or measurements because the auditor will be able to answer most of their questions themselves.
“I can’t tell you how much time it has saved us as auditors reviewed our year-end accounts. We would spend countless hours in January and February tracking down missing information and sending people to sites to gather info. Having consistent month-to-month data made for one really happy corporate finance team.”
Companies are able to remove the human element from the inventory measurement process almost entirely. Employees simply schedule the drone flights via the Stockpile Reports dashboard or fly their own drone, uploading the images for processing.
There is no reason for companies to fly drones just once or twice a year for the purpose of inventory measurement. Companies can, and should, fly their worksites monthly to better track inventory over time. The drone pilots are instructed to fly through the same flight path each time to ensure that every pile is measured and that the data from each flight can be compared with previous flights. Identifying major changes and potential problems early can be the difference between a million dollars in revenue or a million-dollar write-off.
Organizations that opt to use the iPhone solution, in addition, are able to continue their daily activities, such as spot-checking deliveries or inventory for sales on demand, without interruption.
The data provided by Stockpile Reports cannot be adjusted or impacted by human users, meaning it heavily reduces the possibility of human error. Because human intervention and employee bias are completely eliminated, auditors can trust that the inventory numbers are factual and accurate.
The imaging process also takes into consideration other factors that could impact the accuracy, such as debris, obstructions, standing water or snow. The confidence score reflects how well the images were captured and whether or not the pile should be measured again. Auditors are able to quickly identify potential problem areas and surface those issues more efficiently, reducing wasted time for companies and teams.
Auditors are always looking for systems and processes that are third-party compliant. Not only do third-party complaint systems reduce error, but they also provide efficiency, consistency, centralization of data, and an audit trail.
Utilizing 3D imaging is just one of the ways that a company can find efficiency and consistency through automation. The automation provided technology frees up time within companies to focus on more demanding, strategic issues. Stockpile Reports automatically processes your stockpile inventory measurements in a matter of a few hours, enabling resources to be reallocated all while satisfying the needs of an audit and compliance team.
The process of preparing for an audit can be time-consuming and tedious. The task of trying to round up documents from different departments can be a full-time job during audit season. Centralizing inventory measurement data into one location can help companies save an inordinate amount of time. The time savings are recognized throughout the year, not just during audit time. Resources spend less time keeping track of inventory and more time producing, operating, and managing. Centralized data can allow companies to quickly identify risks and address them quickly without running from department to department.
The audit trail is a massive benefit of Stockpile Reports. The dashboard allows companies to easily review previous measurements. Because the information can’t be modified, companies can trust the information they are viewing. This is invaluable throughout the year. Companies are able to make decisions off of powerful, trustworthy inventory numbers and auditors can follow the trail of ongoing inventory measurements and the data associated with them. Everything is time-stamped, dated, and geo-tagged, so there will be no questions as to when or where the measurement was taken.
Prepare your company all year long for a stress-free audit come year-end. All you need to do is contact us and we’ll get you set up with an inventory expert that will identify your inventory goals for the year and ensure you have all the tools you need to make for a smooth year-end inventory review.
Want year-end inventory numbers that make your boss and the board proud? Frequent measurements, early risk identification, and reduced write-offs are just a few of the benefits that you can expect from a Stockpile Reports subscription. Get started today!
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