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In this lecture, the speaker shows how to use INDEX and MATCH instead of VLOOKUP for complex lookup problems. VLOOKUP may not work for complex situations, so INDEX and MATCH can be more effective. The speaker explains how to use index and match and then demonstrates how to combine them using an example of a list of divisions, apps, revenue, and profits. The goal is to create a formula where a user can select an app, like Misty Wash, to retrieve corresponding data.