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This video tutorial by Steve Friedman from Rockstar Excel explains how to standardize names in Excel by converting them into a first initial last name format. Starting with first and last names in separate columns, use the left function to extract the first initial and combine it with the last name. This will help you easily convert names into the desired format. If you want to extract the last name from a first initial last name format, this method can also be applied. Check out the main video for more details on converting names into this format.