To create a dummy text in Word, simply enter the command "=lorem()" in a new or existing document and press enter. This will generate random Lorem Ipsum text, which is commonly used as a placeholder in design and publishing industries. This feature allows you to quickly fill your document with sample text, making it easier to visualize and structure your content without having to manually write paragraphs. Similarly, you can insert random text by using the appropriate command, enabling you to effortlessly add placeholder content for testing or layout purposes.