What is the difference between VLOOKUP and INDEX/MATCH?

VLOOKUP is an older function that searches for a value in the first column of a table. INDEX/MATCH is a more flexible and powerful function that can search for values in any column of a table. INDEX returns the value at a specified row and column, while MATCH returns the relative position of a value within a range. INDEX/MATCH is often preferred over VLOOKUP because it avoids the need to specify the lookup column's index, making formulas more readable and robust.