SAP WMS Storage Unit Management

Hi All

I have a scenario in our warehouse where Materials are stored in pallets, pallets are stored in racks(bins).

Currently we have only material number and bin number in our system.

We need to include pallets also.

So a material A will be placed on pallet B and pallet B will be placed on Storage bin C.

Will storage Unit Management help me in this?

Since we have no master data for pallet, do we need to create master data?

Regards

Iyer Kartik