What I mean by “better algorithms” is indeed in the narrow sense of better processes of taking an existing data set and generating predictions. You could indeed also define “better algorithms” much more broadly to encompass everything that everyone in a company does from the laboratory chemist tweaking a faulty instrument to the business development team pondering an acquisition to the C-suite deciding how to navigate the macroeconomic environment. And in that sense, yes, better algorithms would always be the bottleneck, but that would also be a meaningless statement.
What I mean by “better algorithms” is indeed in the narrow sense of better processes of taking an existing data set and generating predictions. You could indeed also define “better algorithms” much more broadly to encompass everything that everyone in a company does from the laboratory chemist tweaking a faulty instrument to the business development team pondering an acquisition to the C-suite deciding how to navigate the macroeconomic environment. And in that sense, yes, better algorithms would always be the bottleneck, but that would also be a meaningless statement.