What is an algorithmic system? What system has no algorithm?
this post was submitted on 15 Aug 2023
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From the link :
Algorithmic systems, which will typically involve the processing of data to produce outputs and/or make decisions, are playing an increasingly important role within many organisations and across a broad range of sectors. Importantly, these systems are designed, developed, deployed, used, and overseen by people, and can have far reaching implications.
I think this definition doesn't really answer your question, but I assume we talk about companies that make automated strategical decisions ?
The next paragraph and project title add a little.
Project Title: Record-Keeping in Algorithmic Systems
As such, many organisations will have record-keeping processes: procedures for recording information about how their systems are designed, developed, deployed, and used. This might include recording technical records (e.g. system usage or access logs, technical reports, performance metrics), or equally, it might involve records about the organisation and the people using or impacted by the system (e.g. risk assessments, system design documents, reports).
But yeah, this is a lot of analysis to figure out the intent.
Yeah, I totally get your point. I'm using the term in the sort of academic/policy way, but you're not the first person to make this point. We're interested in data-driven systems, which might be ML, it might be algorithmic trading, or it might be some other kind of data-driven system where decisions/predictions/actions are taken. Hope that helps!
I think heuristic based decision making, like Algo trading companies.