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In this video tutorial, the key points discussed are how to reduce the file size of an Excel document without deleting any data. To achieve this, the first step is to compress the picture size in Excel by selecting the picture and going to picture format, then compressing it under adjust with various options available. Alternatively, you can set a default for picture compression by going to file, options, advanced, and selecting image size and quality settings. These steps can help reduce the file size of Excel documents efficiently.