Digital Financial Reporting

Algorithmic Business Thinking (ABT) is an idea created by MIT that helps business professionals and computer professionals communicate. This video, Algorithmic Business Thinking with Paul McDonagh-Smith, discusses ABT.

I get the impression that Algorithmic Business Thinking builds on Computational Thinking. That is mentioned a couple of times. ABT is important as we transition from the industrial economy into the digital economy, we are in the fourth industrial revolution now.

The following are the four cornerstones of ABT: 

• Decomposition: Taking larger problems or challenges and breaking them down into a series of smaller problems or challenges that are easier to manage and solve.
• Pattern recognition: Rather than trying to build everything from scratch, use things that you have done before or that someone else has done before to leverage in order to solve problems and overcome challenges.
• Abstractions: Filter out unnecessary details out of the problem or challenge in order to focus on what is important.
• Algorithms: Humans and machines working together to on an ordered, sequential set of actions in order to solve a problem or overcome a challenge.

Algorithmic Business Thinking uses the four ideas above in order to solve problems and overcome challenges.