Flow: How to update a record using a custom label and a Record-Triggered Flow?

Requirement: We have a custom object with 2 Record Types, Type A and Type B. Request is when the user creates or updates the object “Asset Class”, field “Strategy” (Lookup field) needs to be updated.

• If user chooses Record Type “Type A”, then Strategy field should be updated to “Structured Credit Opportunities”.
• If user chooses Record Type “Type B”, then Strategy field should be updated to blank.

Step 1: First step is to create a custom label. We will assign the value “a0d1v00000m0GtlAAE”, which is the record id for the “Structured Credit Opportunities” record. I will then take that custom label and add it to the flow (Assignment element).

Step 2: Create the flow. Flow is a record triggered flow – fast field update.

Result