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With Text fields, it is now possible to combine field values. To add a text formula, open the list settings and choose "Fields" from the panel on the left. After having clicked "Add field" choose "Text Formula". After that, a selection out of all available fields can be done.
This new feature makes it possible to combine the contents of fields (e.g. first and last names) or to combine texts and labels from references. The calculated texts/labels/numbers work like regular fields, so they can also be used for terms in filters, for aggregation in dashboards or as grouping in Kanban.
And last but not least: The title field can now be occupied by a text formula.
Labels can be implemented in text formulas as well. To do so, simply click "+ Add" on the right-hand side of the field and select the corresponding label field of your list.
Your formula could look something like this:
Feel free to look into our knowledgebase article on formulas and aggregations for more details on the different formula types.