Damon Ascolani | FinTech Magazine

Started with risk management at HSBC, Damon Ascolanihead of global procurement at TransUnion, explains that as part of that role he was responsible for data management used in risk analysis. – By nature, contracts and procurement were an element in it, and when the company merged its procurements into one function, it was at this time that I was included in the procurement team. From there, I rose through the ranks to the point where I led the entire U.S. procurement team, which managed about $ 6 billion a year in supplier expenses, he says.

“Information services and financial services are a very exciting place to be. It may not sound like it, but the data we work with is the lubricant for the engine that is our economy. We are proud to give people access to financial products that they may not have had before, we call this: ‘information for good’. So it’s exciting to give opportunities to people who may not have had those opportunities in the economy or in their personal lives. “

Ascolani is inspired by his mission to reach the ‘holy grail of procurement’: ‘Which to me provides value in a way that is effective enough to hit earnings per share in our organization, and make it into the annual report. I am inspired to provide enough value through the function that our top management recognizes the value. “

He adds: “My proudest achievement at TransUnion has been to take on the first role ever as Global Head of Procurement. I built this team from a handful of IT procurement specialists based primarily in the United States into a global organization on five continents with teams that not only procure, but manage procurement systems, vendor risk, vendor performance, reporting, and vendor diversity. Today we have a fully functioning and mature procurement team consisting of talents from all over the world who are very skilled in their craft and a pleasure to work with. “

Future trends in the purchasing industry

When it comes to purchasing, Ascolani reflects: “There is a lot of talk about automation, AI and RPA. While they have their place, I believe that procurement is still a human-driven business. I have found that one of the most basic but challenging questions to answer is: what do you want to buy?

“Often organizations know they need things, but they are not sure what type, where they need it or how much to provide their service. There are many elements in the process, and coming to the right solution often requires a very nuanced conversation. as an advanced automated approach could not solve.You may have smooth automation, but does automation actually streamline the most efficient process to solve the problem? So even though it will be a driving force for automation, I think in the larger relationships it will still be a human business. ”

Another interesting trend for Ascolani will be the industry’s approach to real estate and changes in the work environment. “Like many other organizations, we hired people from all over the world during the pandemic. We get good talent, but they are everywhere, so it is no longer a common hub. Another trend will be property management, and to ensure that our employees have the right homework environment. “

Read the whole story HERE.