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Excel has a format called xlsb which stands for binary. This format is used in large organizations to save files, as it can store large amounts of data and reduce file size. The advantage of this format is evident in its ability to save and reduce file size. In the video tutorial, a demonstration is given using a blank Excel file with 10 columns. The user saves the existing file before continuing and demonstrates how to navigate to the last row using a formula. The demonstration also shows how to easily navigate to specific cells without scrolling.