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In this video, the presenter introduces the SELECTEDVALUE function in DAX, highlighting its utility and versatility in various scenarios. SELECTEDVALUE is described as a powerful function, and understanding its proper application is essential for effective use. The tutorial begins with an example featuring a report that displays product names, sales amounts, and product classes in a table format. The presenter demonstrates the flexibility of using columns from the product table and transitions the table into a matrix format. This shift emphasizes the function's role in enhancing data representation and understanding within reports.