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In this video tutorial, Mark Davis from Optimum Technology Transfer demonstrates how to use the REPLACE function in Excel. He emphasizes the importance of text or string functions for cleaning data, having previously covered various related functions in other videos. The focus of this tutorial is on standardizing order IDs, which consist of two numbers, four characters, and three additional numbers. Mark intends to replace the differing four characters in the order IDs to achieve consistency. The tutorial aims to illustrate the practical application of the REPLACE function in maintaining uniformity in data records.