Update Salesforce Sales Opportunity as Urgent if Past Expiration Date

To set the context, let's assume that the customer's Salesforce instance already has the below fields created:
 

1. Opportunity Expiration Date -> Date field capturing Opportunity expiration.
2. Urgent Opportunity -> A picklist field of Value "Yes" and "No". Please note that default value for the Picklist Is "No".
3. Potential Urgent Opportunity (Potential_urgent__c) -> A formula field which checks If Opportunity Is Open and opportunity has crossed expiration date. Formula would look like: 

AND ( OR(NOT(IsClosed), NOT(IsWon)),
(TODAY()  >  Opportunity_Expiration_Date__c))

Here we are checking if the opportunity is not closed or won and if it has crossed the expiration date. 

With the above fields created, let's now look at the approach to updating the "Urgent Opportunity" picklist from "No" to "Yes".

We will be using a Scheduled flow which would run on a daily basis to update the Opportunity picklist field from "No" to "Yes". The reason we go with scheduled flow is that it will help to query all opportunities that have crossed their expiration even if they did not get updated on that day. Hence, to cover this outlier situation, a scheduled flow is being considered.

The design of the Scheduled Flow is as below:

1. Start element -> We pick Opportunity object here and define the criteria to pick Open opportunities and check if they are expired based on value of the formula field. We can also, consider the formula in the criteria itself. For simplicity, a formula field is created to check potential of Urgent opportunities and the formula field is included in the criteria 
2. Get Record Element: Here we would query the records and pass them to the record collection variable as per the screenshot below:                                                                                                                                                              
3.  Update Records Element: Here we would be updating the “Urgent Opportunity” picklist value to Yes for the records collected in the collection.                                                                                                                                                   
4. Scheduling: The last piece is the Opportunity scheduling which we would define to run on a daily basis. Please note that the timing here refers to the Org's Timezone.