Enterprise Asset Management in the processing industries requires a focus on safety, reliability, and maintainability of equipment. Maintenance information is used to define and evaluate compliance with equipment reliability and maintainability requirements. Quality information comes from quality, structured data. Logic to store and classify data associated with technical objects is necessary to make the data readily accessible, retrievable, and comparable between similar technical objects. Such logic, called taxonomy, is structured hierarchically and based on the characteristics of technical objects. Taxonomy greatly improves maintenance analyses and decision-making by improving information quality and availability. ISO 14224, Collection and exchange of reliability and maintenance data for equipment, promotes a standardized approach to taxonomy that maximizes the utility of data and facilitates data exchange. This presentation describes how to configure SAP PM in a manner that rigorously captures the principles of ISO 14224 for standardized data collection and structuring of reliability and maintenance data.