10 answers
Yes. You would first need to create the fields where you want to store the values. Create 1 DATE or DATETIME field (not a formula) that the workflow will update when it runs. Using the following values in the field update you'll be able to save either the date of when the change was made, or the datetime.
TODAY()
NOW()
Some more detailed instructions:
1) Create the fields you need to track the old value (regular text or date fields)
2) set up the WFR to run when field X is updated using the ISCHANGED function.
3) In the next step, select Field Update.
4) Create 1 field update to store the previous name using PRIORVALUE function
5) Create 1 field update to store the time when the field was changed
Below are some screenshots that may help. Let me know if you have any questions as you go through the steps.
