Parse a text string

Hi Experts

I have a field in my dB that is storing a hierarchy as single string:
/warehouse/section/aisle/rack/bin

I want to parse this field into 5 variables. 
I know I can find the position of the “/” and write formulas using SUBSTR or LEFT/RIGHT.  But this creates very complex formulas the deeper I go into the hierarchy.

Does anyone know of an easier way to do this?
For example, is there a way to get the position of the third “/” and fourth “/” etc.?
   . . . then I could write a formula =Substr([object];[ third “/”];[fourth “/”])