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In this Tuts+ tutorial, Bob explains how to use VLOOKUP, MATCH, and INDEX functions in Excel to extract data from a worksheet for use in other sheets. These functions are compatible with all Excel versions and Google Sheets. VLOOKUP is specifically designed for data organized in columns, while HLOOKUP can be used for data in rows. Bob notes that the MATCH and INDEX functions focus more on the location of data rather than its actual value. Viewers are encouraged to follow along with their own workbooks to practice these techniques.