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In this tutorial, we learn about the replace function in Google Sheets which allows us to replace text with new text. We need to specify the starting point of the text replacement, the length of text to replace, and the new text. The objective is to replace the first digit of all part numbers with "5". To do this, we enter the header "new part number" and format it, then use the replace formula by typing "=rep" and selecting it from the menu, specifying the text to be replaced, the position, the length, and the new text.