Reference Custom Metadata Types in Advanced Formula Fields

Create a custom metadata type, and reference its records in an advanced formula field. Store parameters for your formula in custom metadata types. If you need to make a change, you can do so in your custom metadata type instead of changing multiple, hard-coded formulas.

Where: This change applies to Lightning Experience and Salesforce Classic in Professional, Enterprise, Performance, Unlimited, Developer, and Database.com editions. Professional Edition orgs can create, edit, and delete custom metadata records only in installed package types.

Why: Let’s say you have several formulas that pertain to wheel sizes. Some formulas perform calculations to confirm that the wheel circumference size is accurate, while others perform vehicle drive-train calculations. If the wheel dimensions for a specific brand change, you can update your custom metadata type rather than the individual formulas.
A .gif of a custom metadata type record getting updated.