Costing Engineer

Job Summary:

We are seeking a highly skilled and detail-oriented Lead Engineer - Costing with expertise in cost analysis, spend analysis, should-costing, and value engineering for "Make as per Print" parts and OEM/Commercial components. The ideal candidate will possess a solid understanding of engineering processes, manufacturing methods, and design principles to accurately estimate costs and ensure competitive pricing. This role requires strong analytical capabilities, including spend and cost optimization strategies, and the ability to collaborate effectively across departments to drive cost efficiency while maintaining product quality and engineering excellence.

Key Responsibilities:.

• Conduct detailed cost analysis for manufacturing "Make as per Print" parts and OEM/Commercial components.
• Develop should-cost models based on manufacturing processes, material usage, labor, tooling, and overhead.
• Evaluate supplier quotations to ensure cost competitiveness.
• Perform comprehensive spend analysis to identify cost-saving opportunities by analyzing purchasing patterns, material consumption, and supplier spend data.
• Segment and classify spending into categories to identify trends and opportunities for cost optimization.
• Support the development of procurement strategies by identifying high-spend areas and benchmarking costs across the market.
• Utilize data analytics tools (e.g., Excel, Power BI, or similar software) to provide insights into spending behavior and recommend actionable improvements.
• Understand and analyze engineering drawings, specifications, and design requirements.
• Collaborate with design and engineering teams to ensure manufacturability and cost optimization.
• Identify opportunities for cost reduction without compromising quality or design integrity.
• Work closely with suppliers to analyze cost drivers and negotiate pricing.
• Validate supplier capabilities and ensure alignment with project requirements.
• Drive value engineering initiatives to enhance cost efficiency.
• Perform cost variance analysis to identify areas of improvement.
• Prepare detailed cost breakdowns and cost models for stakeholders.
• Maintain a database of standard costs for materials, processes, and components.
• Support procurement, sourcing, and supply chain teams with cost inputs.
• Coordinate with cross-functional teams (engineering, manufacturing, and quality) to ensure seamless project execution.
• Finding more cost-effective alternatives to current products or services and reducing unnecessary or redundant spending.
• Engage in techno-commercial discussions and provide strategic support to supply chain leaders across group companies globally, ensuring alignment on cost, quality, and delivery objectives.

Technical Skills:

• Strong understanding of manufacturing processes (CNC machining, Fabrication, casting, forging, sheet metal, Assembly etc.) and engineering materials.
• Proficiency in reading and interpreting engineering drawings (GD&T knowledge is a plus).
• Familiarity with cost estimation tools and software.
• Knowledge of design processes and product lifecycle management (PLM).

Soft Skills:

• Excellent analytical and problem-solving abilities.
• Strong communication and negotiation skills to interact with suppliers and internal stakeholders.
• Ability to work independently and in cross-functional teams.

Additional Preferences:

• Knowledge of industry standards and benchmarks.
• Exposure to global supply chains and cost structures.

Required Education and Experience:

• Bachelors degree in mechanical engineering or a related field.
• 8+ years of experience in cost estimation, should-costing, spend analysis, or cost engineering, preferably in manufacturing or automotive industries.