Hi Team,
I need your help and advise. I am trying to create a list where every item has a unique ID. The ID should be the following Format:
DEV-yy-Type-ID, where the ID begins with 001
For example:
A deviation raised in the year 2024 DEV-24-001
and increment accordingly, always +1. I understand that the default ID column will increment the number, even if we delete an item. So making the 001 dependent on the ID is not an option.

So far, I have this workflow to update the item. But is this the right way to do it?

I hope that makes sense. Please let me know if you need any more information.