Principal, Costing Engineer

Schneider Electric; Bengaluru; On-site; INR 4,000,000 - 6,000,000; Full time

Job summary

Schneider Electric seeks a senior Cost Management Lead to own end-to-end cost structures for new offers from concept to industrialization. You will collaborate across Engineering, Procurement, Manufacturing, Supply Chain and Product Management to ensure profitability and market-competitive costs.

Your role drives target costing, cost modeling, and cost optimization initiatives, aligning with business strategy and market expectations. Extensive cross-functional leadership is required.

Qualifications

• Bachelor's Degree in Industrial /Manufactruing Engineering/Finance/ Cost Accounting.
• MBA (Finance/Operations) preferred.
• 18-20 years experience in product costing, cost engineering, industrialization, and manufacturing finance.

Responsibilities

• 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.
• Develop detailed product cost models during concept, design, and industrialization phases.
• 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.
• Identify and execute cost reduction opportunities.
• Facilitate Design-to-Cost (DTC) with cross-functional teams.
• Benchmark costs against competitors and market standards.
• Lead cost optimization initiatives before product launch.
• 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.

Skills

Target Costing

Product Costing

Design-to-Cost

Should-Cost Modelling

Lifecycle Costing

Education

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

MBA (Finance/Operations)

Tools

SAP

Power BI

Advanced Excel

Cost Modeling Tools

PLM Systems

AI tools for costing

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

1. 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

1. 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.

1. 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.

1. 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

1. 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.

1. 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

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.

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.

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.

€40 billion global revenue
+9% organic growth
150 000+ employees in 100+ countries

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.

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