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In this tutorial, the importance lies in knowing various functions and how to use them effectively. Sumproduct is a versatile function that simplifies calculations by allowing you to multiply and sum values in one formula. While the classical use involves doing a sum of multiplications, sumproduct streamlines this process with a single formula. By highlighting the Price and Quantity columns and using the sumproduct function, you can quickly calculate total revenue without the need for additional steps. Watch the lecture to discover the full potential of sumproduct.