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.
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.