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In this video, Mark Davis from Optimum Technology Transfer discusses the use of the REPLACE function in Excel, which is part of the text or string functions in the function library. He emphasizes the importance of these functions for cleaning and organizing data. The tutorial focuses on standardizing order IDs that consist of two numbers, four characters, and three numbers. Mark aims to replace the varying four characters in these IDs to achieve a consistent format. He has previously created numerous videos on text functions and continues his exploration with the REPLACE function in this tutorial.