Calculated Fields in the Log Explorer allow users to transform and enrich their log data on the fly during searches and investigations, providing more flexibility and control. This feature enables ad-hoc analysis, adds new dimensions to logs, and helps teams quickly adapt to rapidly changing environments. It also allows for standardizing and storing data transformations long-term via Pipelines, which can be customized and reused by different members of the team. With Calculated Fields, users can manipulate log data dynamically, eliminating the need to reprocess logs, and making it easier to conduct historical investigations over a large period of time.