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This video tutorial demonstrates how to use pivot table calculated field and calculated items to automate reporting and analysis. It explains why the calculated item field may be grayed out and the difference between calculated field and calculated item. Viewers will learn how to add useful fields and items in a pivot table, as well as how to add formulas such as sum if and and functions. Creating a pivot table involves selecting all data using ctrl + a keys, inserting a pivot table on a new sheet, and arranging fields like customer name, calendar month, gross and net sales, and standard margin. Watching till the end is recommended for those not yet using calculated items and fields for automation.