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In this Tuts Plus tutorial, Bob discusses how to extract data from a worksheet using the VLOOKUP, MATCH, and INDEX functions in Excel and Google Sheets. VLOOKUP, which stands for vertical lookup, is used for data arranged in columns, while HLOOKUP is for data in rows, though the tutorial focuses primarily on VLOOKUP. The MATCH and INDEX functions are highlighted for their ability to pinpoint the position of data rather than just the data values themselves. These functions are compatible with all versions of Excel and Google Sheets, making them versatile tools for data extraction. Users are encouraged to follow along using their own workbooks.