AI is taking the world by storm. The current craze surrounding AI technology may seem reminiscent of the ‘Dot-com Boom’ of the late-1990s. Investor optimism for AI-based companies is at an all-time high today. The mere mention of the word “AI”, by a company in a press release, is enough to cause stocks to rally.
It definitely has a ‘flavour of the month’ feel about it.
As the trend continues, tech-savvy entrepreneurs have begun to seek their fortune by looking for new uses for AI; however, not all uses are created equal.
AI Hallucinations—A Recipe for Disaster
Using AI in the wrong context is a recipe for disaster. Like any tool, in the right hands, it can help. In the wrong hands, for example, in the hands of people who do not really understand how it works or its limitations, it can create huge problems.
For example, an Ontario judge recently raised concerns that a court document appeared to be an AI creation. When the judge reviewed the document the lawyers filed, it was apparent that the legal cases cited within it were problematic. Some of the cases were completely off-topic. Some of the cases referred to were not even real!
As this law firm learned the hard way, when confronted with a question that it does not know how to answer, AI will often make up an answer and create ‘hallucinations’ in order to please the user. The user still has to do the work necessary to create a valid final product.
Of Course, AI Isn’t Always Bad
While AI should never be a substitute for sound human judgment, it does have its uses.
An AI technology company, by the name of UVeye, is raising eyebrows in the automotive industry. UVeye has created a large scanner, not unlike an MRI machine, for vehicles. The scanner uses two AI systems to perform checks. The first system, called “Artemis”, uses four cameras in order to analyze a vehicle’s tires. The cameras can check wear, tread depth, as well as identify sidewall or alignment issues.
The second system, named “Atlas”, uses 16 cameras to inspect the rest of the vehicle. Atlas is able to identify damage to body panels, rust and corrosion, as well as paint or glass imperfections. The system can provide an instantaneous report detailing any undercarriage or external damage larger than 2 mm.
UVeye’s technology is already seeing significant adoption in the United States and the company is looking to expand its operations. According to UVeye’s website, they have already begun to work with General Motors, Toyota, and BMW dealerships. The company will make its Canadian debut next year. Your dealership can also have access to UVeye’s technology, if you are willing to pay the setup fee for the scanner as well as a monthly subscription of approximately
$3,000 to $5,500 USD per scanner!
While the technology does not come cheap, its uses are plentiful. Dealers, who are willing to pay the hefty ‘sticker price’, can use the scanners to instantaneously inspect a customer’s trade-in for signs of damage and provide them with an estimated value within minutes. Dealers who lease out their vehicles can also use the technology to examine vehicles for signs of damage before returning a customer’s security deposit back to them.
The scanners can also provide information and reassurance to customers bringing in their vehicles for service and repair. This technology provides customers with an unbiased report, which clearly explains any issues with their vehicles. This can help customers make important service decisions such as whether to replace their tires at their service visit.
While it is unclear whether UVeye stores the data obtained by the scanner, if this technology sees widespread adoption by dealers, this information could even be used to record and tell a detailed story of a vehicle’s life—with pictures.
The ‘Buck’ Stops with You
When using AI technology, it is critical to consider whether you are “eliminating inefficiencies” or simply “cutting corners”. It is also important to keep in mind that, at the end of the day, the obligation to perform due diligence on a vehicle, before it is sold to a customer, falls on you. While AI will never be a substitute for sound judgment, the technology is here to stay and it is important that we learn how to use it correctly.
If you are interested in reading the full court case, you can access it by following this link: https://tinyurl.com/5n6preuc Those interested in learning more about UVeye can do so by following this link: https://www.uveye.com/