### **Job Title**
Cost master \- India
### **Job Description**
Cost master
- Develops detailed product cost models, tracing costs across the product hierarchy and throughout the supply chain to offer a comprehensive understanding of the landed product cost.
- Conducts thorough visits to supplier sites, employing hands\-on verification of assumptions, meticulous assessment of actual process costs, and the necessary adjustments to refine and enhance the accuracy of the product cost models.
- Prepares the commodity team for effective price negotiations with suppliers, supporting the creation of fact pack documents that serve as invaluable negotiation aids, while standing ready to provide on\-the\-spot assistance during negotiations.
- Engages in comprehensive outside\-in analyses of product costs, leveraging insights to inform negotiation strategies and unearth potential avenues for cost reduction, thereby contributing to enhanced procurement outcomes.
- Delivers tailored training sessions to internal stakeholders within Philips, equipping them with the requisite knowledge and skills to navigate and comprehend intricate cost analysis methodologies effectively.
- Drives continuous improvement by refining and optimizing the Ways of Working (WoW), systematically enhancing methodologies, tools, and standards to bolster the efficiency and effectiveness of cost modeling processes.
- Assists in conducting rigorous assessments of supplier competitiveness, offering strategic guidance to the commodity management team on optimizing the supplier portfolio.
- Contributes to Design for Excellence (DfX) conventions, facilitating the identification of substantial Level 3 (L3\) savings potentials through rigorous cost calculations and analysis, thereby fostering a culture of innovation and cost consciousness.
- Serves as a proactive agent in strategy execution by delivering insightful and timely reporting and analysis on business performance, empowering stakeholders to make data\-driven decisions that drive organizational success.
- Leverages expertise in management reporting and business analysis to advocate for policy enhancements and procedural refinements, playing a pivotal role in driving organizational effectiveness and efficiency.
- *Minimum required Education:**
Bachelor's/ Master's Degree in Mechanical Engineering, Industrial Engineering, Electrical Engineering, Electronic Engineering or equivalent.
- *Minimum required Experience:**
Minimum 2 years of experience with Bachelor's in areas such as Cost Assessment, Process optimization, Business Management, Supplier Negotiations or equivalent OR no prior experience required with Master's Degree.
Key skills: mechanical commodities, PCBA and Wire Harness. MHR calculation. additional AI skills connecting Should costing inputs and outputs to systems like SAP and WindChill
- Procurement Policies and Processes
- DfX Methodology
- Cost Optimization
- Business Acumen
- Data Analysis \& Interpretation
- Continuous Improvement
- Training Delivery
- Management Reporting
- Cost Estimation
- Process Costing
- Supplier Evaluation Methodologies
We believe that we are better together than apart. For our office\-based teams, this means working in\-person at least 3 days per week.
Onsite roles require full\-time presence in the company’s facilities.
Field roles are most effectively done outside of the company’s main facilities, generally at the customers’ or suppliers’ locations.
Indicate if this role is an office/field/onsite role.
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If you’re interested in this role and have many, but not all, of the experiences needed, we encourage you to apply. You may still be the right candidate for this or other opportunities at Philips. Learn more about our culture of impact with care here .