Custom labels are custom text values that can be accessed from Apex, Visual Workflow, Process Builder, and so on. The values can be translated into any language that Salesforce supports. You can create up to 5,000 custom labels in an organization, and they can be up to 1,000 characters in length.
If we talk about Best Practices Salesforce never Supports Hard Coded IDs. So at that point of Time Custom Label comes Handy.
Create a custom Label as Suggested in Image.
Create A Process builder as Shown in Image Below.
I have Added a field update when this process builder fires.
Click on use Formula and Save the Update Action and Activate the Process builder.
Now its Time to Run the Process builder.
SFDC Learners 