SharePoint Calculated Columns can be used to remove commas from number fields, open links in a new tab, categorize active items, display images, customize text, and do date or mathematical calculations.
How to create a new Calculated Column on a SharePoint list or library.
A list with screenshots of examples of Calculated Column formulas and how the column displays on the list or library.
Using a calculated column you can remove the commas from number fields (1,000).
Using a Calculated Column you can specify which items should be grouped together, for example maybe all Pending and In Progress tasks should be grouped as Active.
You can create hyperlinks which you can even specify to open in a new tab using a calculated columns.
Some field types are not available to be inserted into a calculated column, these include checkboxes, multiple lines of text, person fields, hyperlinks, lookup, and managed metadata.