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In this video tutorial, the presenter explains how to perform multiple find-and-replace operations simultaneously using Power Query, as opposed to relying solely on Excel functions like REPLACE or SUBSTITUTE. While simple functions can handle single word substitutions or nested replacements for a few words, they become cumbersome for replacing multiple text values within larger text segments. The tutorial highlights the need to replace values from a find column of a table with corresponding values from a replace column. The presenter notes that achieving these complex replacements typically requires using VBA or extensive SUBSTITUTE formulas, which can be unwieldy.