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The video demonstrates using multiple Excel functions to split, manipulate, and rejoin values in a single formula. It starts by showing sample data with text values containing numbers in column B. The goal is to increment these numbers using values in column C. Initially, an error occurs due to the text and number combination. By extracting the number and performing the math operation, the issue is resolved. The process involves using the RIGHT function to extract characters from the right, converting the text to a number, and performing the math operation successfully.