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In this video tutorial, Naheed Akhtar introduces calculated fields in Google Sheets pivot tables. Pivot tables have the ability to summarize data through functions like sums, averages, medians, and variants. However, there may be a need to use custom formulas and metrics that are not built-in to pivot tables. Calculated fields allow users to create their own custom formulas for data summarization in pivot tables. An example of analyzing employee sales data by region is provided to demonstrate the use of calculated fields for custom analytics.