Having custom statuses that can be shown in different styles, coloures, icons and variations allows you to manage your orders more effectively. giving you the flexifility to manage the workflow from the second the order is through to when the order has been completed.
Demo:
https://codecanyon.net/item/woocommerce-order-status-actions-manager/6392174
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This file has UNTOUCHED status - (original developer code without any tampering done)