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In this video tutorial, Mark Davis from Optimum Technology Transfer discusses the use of the REPLACE function in Excel. He highlights that text or string functions are essential for cleaning and organizing data. Mark explains that he will focus on the REPLACE function, which is useful for standardizing order IDs. These order IDs consist of two numbers, followed by four characters, and then three additional numbers. His goal is to replace the varying four characters in the order IDs to standardize them. The video is part of a series on text functions in Excel, which he has previously covered in other tutorials.