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This video tutorial shows how to identify and compress the elements causing large Excel file size, such as images, large worksheets, pivot cache data, embedded objects, and external links. Each reason requires a specific compression approach, which will be covered in subsequent episodes. The tool used is szip, but Mac users can find an alternative method in the linked blog. Simply right-click on the file, select "open archive" with 7zip to analyze its contents. Additional videos on compression methods are available in the video description.