Cost Control Engineer

Roles and responsibilities

1. Cost Monitoring and Reporting:

• Tracking Expenses: Continuously monitor and track company expenses to ensure they align with the allocated budget. This includes reviewing invoices, purchase orders, and other expenditure documents.
• Cost Reports: Prepare regular reports that analyze actual spending versus budgeted amounts, highlighting any variances or areas of concern.
• Expense Forecasting: Work with other departments to predict future costs and prepare updated financial forecasts, ensuring that cost projections are aligned with business objectives.
• Financial Analysis: Analyze financial data to determine cost drivers, trends, and areas where savings could be achieved. Use this analysis to create recommendations for cost-saving measures.

2. Budgeting and Cost Planning:

• Budget Creation: Develop, monitor, and control the company’s budgets, ensuring alignment with strategic objectives. Work closely with department heads to understand their financial needs and incorporate them into overall company planning.
• Cost Allocation: Ensure accurate allocation of costs across various departments or projects, ensuring transparency and accountability in cost management.
• Budget Adjustments: Recommend adjustments to the budget based on actual performance, forecasting, and anticipated financial requirements.

3. Cost Reduction and Efficiency Optimization:

• Identify Cost Savings: Continuously identify opportunities to reduce unnecessary costs, streamline processes, or improve operational efficiency without sacrificing quality.
• Implement Cost-Saving Initiatives: Propose and implement cost-cutting measures, including renegotiating contracts, finding more cost-effective suppliers, or reducing waste.
• Value Engineering: Participate in product or service design processes, ensuring that cost-effective solutions are incorporated from the beginning to minimize future expenditures.

4. Vendor and Supplier Management:

• Supplier Negotiations: Negotiate contracts with suppliers and vendors to secure the best possible prices for goods and services. Work to build long-term, mutually beneficial relationships with key suppliers.
• Purchasing Control: Oversee purchasing activities to ensure they align with budgetary limits and cost control goals. Ensure that all purchasing decisions are justified and based on accurate financial data.

5. Compliance and Financial Control:

• Internal Audits: Conduct internal audits of financial processes, ensuring compliance with cost control procedures and identifying areas of inefficiency or risk.
• Regulatory Compliance: Ensure all cost-related processes comply with local, regional, and international financial regulations and standards.
• Reporting to Management: Provide regular updates and presentations to senior management, ensuring that they are aware of the current financial status and any cost-control measures in place.

6. Cross-Departmental Collaboration:

• Coordination with Other Departments: Work closely with other departments, such as operations, production, finance, and procurement, to ensure that cost control measures are being adhered to across the business.
• Training and Support: Provide guidance and training to other departments on cost-control procedures, cost-saving strategies, and financial best practices.
• Project Cost Control: Support project managers in controlling the costs of specific projects, ensuring that expenses are tracked, reported, and within the approved budget.

7. Costing and Profitability Analysis:

• Costing Models: Develop and maintain cost models to accurately estimate the cost of products or services. Ensure that product pricing takes into account all relevant costs to maintain profitability.
• Profit Margin Analysis: Analyze profit margins for various products, services, and departments. Identify areas where margins can be improved by reducing costs or increasing efficiencies.

Desired candidate profile

• Circulation of standardized pricing rate list to Sales team from time to time
• Tender Pricing: Review of tender requirements and preparation of pricing simulation files for review with management.
• Preparation of pricing for special requirements like fabricated vehicles, extensions, etc.
• Calculation of rental holding cost and maintain DOA for rental rates.
  

Systems:

• Carpro readiness for quote creation
• Update Carpro with latest models, purchase prices and all cost elements. Ensure DOA set up for margin flow in system is done.
• Make Carpro quotations for special pricing.
  

Governance and process improvement:

• Overall governance of pricing activity including margin control, pricing policies etc
• Governance of tender review process in collaboration with tender management team
• Manage the system governance from control and DoA perspective
• Governance of automated Lease rate calculators for different channels
  

Required Skills to be successful:

• Finance background
• CMA/ICWA is an added advantage
• Pricing experience
• Available in UAE
  

About the Team:

You will be reporting to Pricing Manager

What equips you for the role:

• Education: Accounting background.
• Minimum Experience and Knowledge: Minimum 3 years of experience pricing/costing function
• Job-Specific/Technical Skills required to complete the tasks: Data Analysis, MS-Excel, Costing