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In this video tutorial, the presenter covers the basics of using text functions in Excel, specifically the LEFT, MID, and RIGHT functions, to extract parts of a part code. The example involves breaking down part codes found in column B into three segments: the code (first three characters), the first ID (middle three characters), and ID2 (final three characters). The tutorial demonstrates how to use the LEFT function in cell C4 to extract the code by counting from the left side of the cell, emphasizing its appropriateness for retrieving the leftmost characters. The instruction aims to help viewers understand and apply these text functions for data manipulation.