Cost Engineer

In this role, you have the opportunity to Be part of development teams that develop new products and solutions for millions of consumers and challenge the organization to keep focus on making the right but cost-conscious choices for consumers and Philips.

You are responsible for

• Leading and owning the Design to Value analysis by supporting the project teams to translate technical specification into part and product cost.

• Building and understanding of cost structures of design concepts and products, evaluating design options to identify cost drivers, analyzing cost vs. benefit for optional scenarios and presenting the results for decision making in materials/components selection in close collaboration with Procurement Engineering and Industrial Cost Engineering.

• You will initiate, participate, or lead cost improvement and DfX project teams, always searching for new developments and alternatives, which can improve our product portfolios and have a great impact on the total business. Special focus for OEM/ODM supply based innovations and lifecycle projects to augment value and reduce product cost.

• Supporting and challenging development, procurement, and our own factories during the innovation process to develop and deliver solution according financial and technical goals, always with the Philips "first time right" approach in mind.

• You will be involved in new innovation projects from the beginning to set up profitability analysis and investigating alternative scenarios to achieve our ambitious business goals

• For the innovation and business teams you will be the adviser on all financial-technical related issues, e.g. evaluating the costs of internal versus external production, TCO analysis and supplier selection as well as analyzing the business case impact (on PnL and balance sheet) for different scenarios.

• Further you will be responsible to create and share knowledge on local cost structures and cost drivers as well as market overviews and benchmarks (e.g. typical manufacturing processes, understanding of cost and rates per region).

• Support the product benchmarking activities on the cost analysis.

You are a part of

You will be part of international cross-functional teams and work closely together with colleagues from Production, Innovation, Engineering, Logistics, Purchasing and other departments within Philips Health Tech. You look at the scope from a technical, financial, and organizational point of view. As an Industrial Cost Engineer Innovation, you are creating insights in costs therefore are playing a key role in advising the management and project teams.

To succeed in this role, you should have the following skills and experience

• Bachelor or Master’s Degree in Engineering, Industrial Engineering & Management, Technology and Operations Management, or similar degree.

• Minimum of 5 years experience in cost engineering and value engineering.

• Deep understanding of the commercial & technical aspects and financial impact in innovation & development projects.

• Seniority in behavior and experience to move and inspire others on different levels.

• Practical knowledge of innovation processes and hands on mentality.

• Extended understanding of cost price and profitability calculation methods (incl. cost prices calculations, business cases, P&L, Balance sheet).

• Ability to quickly switch gears between detailed analyses and high-level processes.

• Proactively challenge the organization on cost related topics.

• An ambitious team player with outstanding presentation and communication skills.

• Fluency in written/spoken English.