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This tutorial introduces the "replace" function in Google Sheets, which allows text to be replaced with new text. The format of the function includes the original text, starting position, length, and new text. The objective is to replace the first digit of all part numbers with five using the replace function. To do this, type the header "new part number," format it, and then type the replace formula. Select replace from the menu, click the cell with the text, and specify the position and new text.