[Tutor] Why use lambda?

[desmond mansfield]

I've read some small tutorials on lambda, and how I can use it to define functions "on-the-fly".
But what I don't understand, and cannot seem to find an answer to, is why I'd actually want to use it ?

What can lambda do that normal function definitions cannot?
Is it quicker to execute/less memory intensive?
Or is it just quicker to type and easier to think about?

Any answers would be appreciated. thanks,
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