What is the meaning of Hierarchy and It's importance???

Hierarchy meaning

a system in which the people within a company or organization are organized into levels according to the authority they have:

Every organization has a hierarchy, and trying to understand that, and the systems and processes of the organization, is important.
corporate/management/organizational/political, etc. hierachy Many kinds of work are more easily and cheaply managed in corporate hierarchies than by individuals doing deals in the market.