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In this video, Mark Davis from Optimum Technology Transfer discusses the use of the REPLACE function in Excel, a key text/string function for data cleaning. He is focusing on standardizing order IDs that consist of two numbers, four characters, and three additional numbers. Mark aims to replace the varying four characters in these IDs to achieve uniformity. He highlights the importance of text functions in tidying up data, referencing his previous videos on similar topics. This tutorial provides insights into utilizing the REPLACE function effectively to modify string data within Excel.