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In this video tutorial, Mark Davis from Optimum Technology Transfer explains how to use the REPLACE function in Excel. He emphasizes the significance of text or string functions for cleaning and organizing data and mentions his previous videos on this topic. Mark demonstrates the REPLACE function with a specific example involving order IDs composed of two numbers, followed by four characters, and then three additional numbers. His goal is to standardize these order IDs by replacing the varying four-character segments. This tutorial aims to assist viewers in effectively utilizing the REPLACE function to manage their data.