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In this video tutorial, Mark Davis from Optimum Technology Transfer discusses the use of the REPLACE function in Excel, particularly focusing on text or string functions that help clean and tidy data. He emphasizes his enthusiasm for these functions and highlights that he has created other videos on this topic. The specific example involves a series of order IDs composed of two numbers, four characters, and three numbers. Davis aims to standardize these IDs by replacing the varying four characters within the string, illustrating the practical application of the REPLACE function in this context.