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In this video, Mark Davis from Optimum Technology Transfer introduces the replace function in Excel, focusing on its application for cleaning data. He highlights his interest in text or string functions within the Excel function library and mentions that he has previously covered various string functions in other videos. The tutorial specifically addresses a scenario involving order IDs composed of two numbers followed by four characters and three additional numbers. Mark aims to standardize these order IDs by replacing the varying four characters to ensure consistency in the data format.