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The new optimize workbook tool in Excel can help users with bloated and slow workbooks. 365 users can find it on the review tab of the ribbon in Excel online. Even if a file is only 5 megabytes with minimal data, it can still have unused formatting and metadata. By clicking on "check performance" or via the review tab, users can identify and fix these issues. The tool lists the sheets and the number of used cells, allowing users to clean up manually or optimize all sheets at once. If anything is deleted in error, users can restore the file through the version history.