Cost Management Specialist
1 week ago
Cost Management Specialist
Overview
In this position, you will collaborate with product engineering, procurement, operations, and finance teams to optimize product costs while fulfilling market demands. Your responsibilities will include:
- Creating internal manufacturing cost models and comparing them against supplier cost structures.
- Utilizing these cost models to proactively oversee costs, including current production savings, future product cost objectives, engineering modifications, and price increase proposals.
- Gaining insights into manufacturing processes and associated capital expenditures, tooling, labor, raw material costs, and other essential inputs for component manufacturing that influence costs.
- Working alongside various teams to implement productivity savings and eliminate inefficiencies both internally and externally.
- Ensuring that cost reduction projects are adequately resourced and adhere to established timelines; identifying trends in current costing to guide present and future design choices.
This cost engineer role requires comfort in a cross-functional global setting.
Key Responsibilities
Cost Oversight
- Management of Bill of Materials (BOM) processes, including the creation of new BOMs and revisions of existing ones.
- Conducting thorough testing and analysis of cost models.
- Acting as a reliable advisor in support of:
- Purchasing regarding cost and quality considerations.
- Engineering for new product development, benchmarking, and understanding cost drivers.
- Operations focusing on process and labor efficiencies as well as automation trade-offs.
- Finance in providing feedback on cost standards.
- Collaborating with the estimating department to enhance optimization and cost efficiencies.
- Identifying areas for waste reduction and inefficiencies.
- Value Innovation & Partnership (VIP) Program Performance
- Monitoring performance in assigned areas/suppliers and conducting gap analysis against target performance.
Qualifications
- Education: Bachelor’s Degree in engineering, industrial management, accounting, finance, business, or a related field.
- Experience: A minimum of 2 years in cost or pricing roles.
- Background in finance, supply chain management, or commodity management.
- Familiarity with machining and fabrication processes is advantageous.
- Experience with SAP is preferred.
- Technical knowledge of tooling and manufacturing processes.
- Ability to apply mechanical engineering concepts related to commodities/products and generate bottom-up cost estimates based on manufacturing process understanding.
- Strong knowledge of technical requirements and product design, enabling you to influence cross-functional partners through detailed analyses that support optimized pricing and sourcing decisions.
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