JOB SUMMARY:
The Costing Engineer - Busbar, The responsibility entails generating and maintaining accurate cost data with the utmost precision to support product pricing and ensure accuracy, while also identifying opportunities for cost-saving improvements.
The incumbent will be responsible for understanding the product and its associated processes. They will then meticulously study the costs incurred by each activity, from the supply chain to delivery. Subsequently, they will generate comprehensive product cost data in a structured manner, which will serve as the foundation for product pricing.
The Costing Engineer is responsible for generating and updating cost data in real-time for the products offered by the Vertiv Ras al Khaimah Entity, as well as coordinating with other entities to share and utilize this data. Key activities include studying manufacturing and other business processes in minute detail, generating cost data, maintaining it, and updating it as necessary. Additionally, the Costing Engineer suggests opportunities for bottom-line improvement.
This position requires a strong understanding of engineering and operations processes and entails closely working with Offering, Operations, Procurement, and R&D to achieve the goals.
RESPONSIBILITIES:
- Product Study: Understand the product, its bill of materials, and the direct and indirect materials used.
- Process Study: Gain a thorough understanding of the manufacturing process and related activities of the product and its components.
- Supply Chain Study: Understand the supply chain of raw materials, components, and services.
- Cost Study: Evaluate the manufacturing process and activities hands-on, focusing on all cost components related to the product, process, and supply chain with a cost perspective.
- Generate Cost Data: Produce cost data that includes, but is not limited to, material, labour, machine, manual process, overhead expenses, landed cost of bought-out components, and time elements of all activities.
- Maintain Structured Cost Data: Maintain and improve the structure of cost data in an organized manner to facilitate easy reuse and systematic updates.
- Cost Reporting: Prepare regular cost reports and presentations for senior management, providing insights into cost trends, variances, and potential cost-saving opportunities.
- Cost Optimization & Value Engineering: Utilize knowledge of costs associated with operations and products to suggest design, process, and supply chain improvements.
- Cost Tracking: Track and implement corrective actions whenever a cost deviation or inaccuracy is identified.
- Other Duties and Responsibilities as Assigned
QUALIFICATIONS:
- Bachelor's degree in Engineering, Finance, or related field. Advanced degree or relevant certifications preferred.
- Minimum 3-5 years experience in cost engineering, cost analysis, or related roles within a manufacturing environment, preferably in electrical or mechanical systems.
- Strong knowledge in manufacturing and assembly processes
- Proficiency in cost estimation techniques, financial modeling, and cost accounting principles.
- Detail-oriented mindset with a focus on accuracy and precision in cost calculations and analysis.
- Strong analytical skills with the ability to interpret complex data sets and develop actionable insights.
- Proficient in Microsoft Excel, ERP systems, and other relevant software applications.
- Experience in a medium to large industrial type organization.
