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In this video tutorial, Mark Davis from Optimum Technology Transfer explains how to use the REPLACE function in Excel. He shares his passion for text or string functions, which are useful for cleaning and tidying data. Mark demonstrates the REPLACE function by working with a series of order IDs, each containing two numbers, four characters, and three additional numbers. His goal is to standardize these IDs by replacing the varying four characters. He hints at previously created videos on other text functions and aims to provide a clear understanding of the REPLACE function in this session.