Workflow Project ID Inquiry

Hello -

I am working on creating my first project management intake sheet and I have it connected to a form. My question is: when someone completes the form is it possible to have a cell update with a Project ID number?

So ideally the column would be labeled Project ID and the value would automatically update in a numerical cadence each time when a form is submitted. For example - 001, 002, 003, etc.

Any insight would be appreciated. Thank you.