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What is the best approach to define Items for Maintenance Assets?

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In Oracle Maintenance Cloud, what is the best practice to define the Items definition? in EBS, it is suggested that to setup the Asset Group for the items which are identical in nature (make, model, year) or share common attributes e.g. Maintenance BOM, Asset BOM, Asset Attributes etc. so when the new asset is inducted, the common details will be inherited from Templates.

Can we apply the same approach in Oracle Maintenance Cloud or is there any better way or approach to setup the Item definitions?

Version (include the version you are using, if applicable):

Oracle Maintenance Cloud 22c

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