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In this video tutorial, Mark Davis from Optimum Technology Transfer explains how to use the REPLACE function in Excel, highlighting its importance among text or string functions for data cleaning. He presents a practical example involving order IDs composed of two digits, four characters, and three digits. Davis aims to standardize these IDs by replacing the varying four characters. He refers to his previous videos illustrating other text functions, emphasizing that the REPLACE function is the focus of this session.