Role & responsibilities
Budgeting &
Cost Planning: - Prepare budgets, cost estimates and forecasts; monitor actual costs against approved budgets.
Cost Monitoring &
Variance Analysis: Analyze Actual vs Budget vs Standard/Previous Period and identify major cost variances and their root causes.
Cost Reduction &
Optimization: Identify cost-saving prospects in materials, manpower, overheads, logistics and operations without compromising quality.
Inventory &
Material Cost Control: Monitor material consumption, wastage, stock levels, slow-moving inventory and purchase price variances.
MIS &
Management Reporting: Prepare periodic cost reports, dashboards and KPIs and highlight key cost drivers and corrective actions to management.
Internal Controls &
Process Improvement: Strengthen cost-control procedures, approval mechanisms and SOPs; coordinate with Finance, Procurement, Operations and Commercial teams to ensure effective cost management.