Principal, Costing Engineer

Job Description:

Position Summary

The Cost Management Lead is responsible for establishing, governing, and optimizing the end-to-end cost structure of new offers/products during the New offer lifecycle. The role ensures that new offers are launched within target cost, achieve required profitability and meet business case commitments through close collaboration with Engineering, Procurement, Manufacturing, Supply Chain and Product Management teams.

This position serves as the single point of ownership for cost competitiveness, target costing, value engineering, and financial viability of new offers from concept to industrialization.

Purpose of the Role

To ensure all new offers are developed, industrialized, and launched with competitive cost structures that meet market expectations, achieve target margins, and support sustainable business growth through disciplined cost management and value engineering

Key Responsibilities

Target Cost Management

Define target cost based on market price, margin expectations, and business strategy.

Establish cost objectives at product, subsystem, and component levels.

Track cost performance throughout the development cycle.

Drive cost accountability across cross-functional teams

New Offer Cost Development

Develop detailed product cost models during concept, design, and industrialization phases- CSC derivation and evolution

Analyse BOM costs, manufacturing costs, logistics costs, and overhead allocations.

Create should-cost models for critical components and assemblies.

Support pricing and business case development.

Value Engineering & Cost Optimization

Identify and execute cost reduction opportunities.

Facilitate Design-to-Cost (DTC) and work closely with Scrum master

Challenge design decisions impacting product costs.

Benchmark costs against competitors and market standards.

Lead cost optimization initiatives before product launch.

Supply Chain & Procurement Collaboration

Partner with Procurement to establish sourcing strategies aligned with target costs.

Evaluate supplier quotations and negotiate cost improvement opportunities.

Participate in supplier selection and localization initiatives.Support make-versus-buy decisions through financial analysis

Manufacturing Cost Assessment

Evaluate manufacturing processes and conversion costs ( MBC, DVC)

Support industrialization teams in identifying productivity improvements.

Analyze labor content, machine utilization, tooling, and capex requirements.

Drive manufacturing cost competitiveness across plants.

Governance & Reporting

Establish cost management dashboard and KPI reporting.

DCMP utility and analysis with escalation

Key Deliverables

Target Cost Breakdown Structure

Product Cost Model

Cost Risk & Opportunity Register

Design-to-Cost Action Plans

Supplier Cost Benchmark Analysis

Cost Review Presentations

Launch Cost Validation Reports

Key Performance Indicators (KPIs)

Target Cost Achievement (%)

Cost Estimation Accuracy

Cost Reduction Savings

Material Cost Variance

Time-to-Market Support

ROI Achievement Against Business Case

Technical Competencies

Cost Management

Target Costing, Product Costing, Design-to-Cost, Should-Cost Modelling, Lifecycle Costing

Manufacturing & Supply Chain

BOM Cost Analysis, Manufacturing Process Costing, Supplier Cost Analysis, Sourcing Strategy Development, Localization Cost Assessment

Digital Tools

SAP, Power BI, Advanced Excel, Cost Modeling Tools, Product Lifecycle Management (PLM) Systems, AI tools for costing

Leadership Competencies

Strong business acumen, Analytical problem-solving, Strategic cost management, Influencing without authority, Cross-functional leadership, Effective ,Stakeholder management, Communication and presentation skills

(External) English Qualifications:

Qualifications

Education

Bachelor's Degree in Industrial /Manufactruing Engineering/Finance/ Cost Accounting

Preferred

MBA (Finance/Operations)

Cost Management Certification

Lean Six Sigma Certification

Experience

18 ~20 yrs experience in:

Product Costing, Cost Engineering, Industrialization, Manufacturing Finance, NEW Product or Offer Development

Experience in industrial, electrical distribution, busway, switchgear, automation, automotive, or manufacturing environments preferred.

Local Benefits (English):

Rewards designed for you

Our Total Rewards is our way of saying: We see you and we value you. It’s more than just pay and benefits - it’s a meaningful investment in you. It is designed to help you perform, grow, feel safe, and elevate your potential. The package helps you care for yourself and your family, plan your future, grow your skills and career, collaborate in an inclusive workplace, and contribute to your community. At Schneider Electric, we’re here for what matters most to you. Discover more at our Career Page.

Country-specific programs and initiatives may be available.

(External) English Company Boiler Plate:

Looking to make an IMPACT with your career?

When you are thinking about joining a new team, culture matters. At Schneider Electric, our values and behaviors are the foundation for creating a great culture to support business success. We believe that our IMPACT values – Inclusion, Mastery, Purpose, Action, Curiosity, Teamwork – starts with us.

IMPACT is also your invitation to join Schneider Electric where you can contribute to turning sustainability ambition into actions, no matter what role you play. It is a call to connect your career with the ambition of achieving a more resilient, efficient, and sustainable world.

We are looking for IMPACT Makers; exceptional people who turn sustainability ambitions into actions at the intersection of automation, electrification, and digitization. We celebrate IMPACT Makers and believe everyone has the potential to be one.

Become an IMPACT Maker with Schneider Electric – apply today!

€40 billion global revenue

+9% organic growth

150 000+ employees in 100+ countries

You must submit an online application to be considered for any position with us. This position will be posted until filled.

Schneider Electric aspires to be the most inclusive and caring company in the world, by providing equitable opportunities to everyone, everywhere, and ensuring all employees feel uniquely valued and safe to contribute their best. We mirror the diversity of the communities in which we operate, and ‘inclusion’ is one of our core values. We believe our differences make us stronger as a company and as individuals and we are committed to championing inclusivity in everything we do.

At Schneider Electric, we uphold the highest standards of ethics and compliance, and we believe that trust is a foundational value. Our Trust Charter is our Code of Conduct and demonstrates our commitment to ethics, safety, sustainability, quality and cybersecurity, underpinning every aspect of our business and our willingness to behave and respond respectfully and in good faith to all our stakeholders. You can find out more about our Trust Charter here