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Microsoft recently released User Defined Functions in Preview. In this post I'm going to compare User Defined Functions with Named Formulas.
User Defined functions are data structures in Power Apps that specify the structure of a record. They can typically be used to convert an untyped record into a typed record.
Function blocks have inputs, defined operation, and outputs that are linked together to create applications. PLCs come with a number of functions that are standard, for example, ADD, SUBTRACT, ...