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The video demonstrates how to use multiple Excel functions to split, manipulate, and rejoin values in a single formula. It starts with sample data in column B with text values ending in numbers. The goal is to increment these numbers using values in column C. Initially, attempting to directly add C5 to B5 results in an error due to the text format. To solve this, the Right function is used to extract the number, then the math operation is performed by converting text to a number. The result is correct but without zero padding.