Mid

MID is very similar to LEFT and RIGHT in that it strips specified characters out of a string of text or numbers.

So, let's use the example we used yesterday:
110308/20/7R13504

Here, we know that the 20 in the middle represents a useful piece of information, like warehouse or factory or the number of pieces you need to produce. But, we also know that it's not useful stuck in that long string.

It is pretty simple to extract:
=MID(A2,8,2)

The formula says to go over 8 characters (including spaces) and return two characters starting with the 8th character.

The result of this formula is:
20

This is pretty easy stuff once you know about it. Definitely another good tool to have in your guru belt.