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In this tutorial, PDF.co introduces the Document Parser, a tool designed to extract specific text, such as invoice numbers, from numerous documents. The output can be downloaded or exported in formats like CSV, XML, or JSON for further use. It works with various document types, including purchase orders and insurance requests. The video demonstrates using the PDF.co online template editor to create or edit a template for PDFs or images. Users can add options using document parser objects. The example shown is a Google invoice, and the template, named "demo," is set to English by default, tailored for document processing needs.